There is hereby created in the Treasury of the City of Los Angeles a special fund, named the “Community Facilities District No. 3 (Cascades Business Park and Golf Course) Special Tax Fund” (the “Special Tax Fund”), for the purposes of receiving proceeds of the special tax (the “Special Tax”) levied on non-exempt real property in Community Facilities District No. 3 (Cascades Business Park and Golf Course) (the “District”) and proceeds from enforcement and collection activities and foreclosures related to the Special Tax, and from which money shall be disbursed in accordance with an Indenture relating to the bonds to be issued for the District to be executed, by the City and trustee, as it may be amended pursuant to its terms. The Special Tax Fund shall be administered by the Director of the Office of Administrative and Research Services. Earnings received with respect to money on deposit in the Special Tax Fund shall be disbursed in accordance with the Indenture. Pursuant to Charter Section 344, money in the Special Tax Fund shall not be subject to reversion to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 171,486, Eff. 2-27-97.
Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00.