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(a) There is hereby created in the Treasury of the City of Los Angeles a special fund for a financing involving the Municipal Improvement Corporation of Los Angeles (the “MICLA”), which is named the “MICLA L Equipment Acquisition Fund” (the “MICLA L Fund”).
(b) The purposes of the MICLA L Fund are to receive the proceeds from the sale of the Certificates of Participation (Equipment Acquisition Program L) Evidencing the Proportionate Interests of the Owners Thereof in Certain Basic Lease Payments to be Made by The City of Los Angeles to the Municipal Improvement Corporation of Los Angeles (the “Certificates”), interest earnings received from the Certificates Trustee, insurance proceeds and condemnation proceeds, all to be held in trust for the certificate holders, and to pay from it all costs of acquiring equipment as authorized by the Council on behalf of MICLA (the “Program L”) and the costs of issuance of the Certificates, to disburse funds as authorized in the Trust Agreement for the Certificates and to pay rebates of arbitrage earnings as required by federal income tax laws. When Program L is completed, all money remaining in the MICLA L Fund not needed to pay rebates of arbitrage earnings shall be disbursed to the Certificates Trustee for payments of principal and interest on the Certificates.
(c) The MICLA L Fund shall retain all of its earnings.
(d) The MICLA L Fund shall be administered by the Department of General Services.
(e) Pursuant to Charter Section 344 money in the special fund shall not be subject to reversion to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 167,359, Eff. 11-30-91.
Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00.
SECTION HISTORY
Added by Ord. No. 170,625, Eff. 9-2-95.
Amended by: In Entirety, Ord. No. 170,762, Eff. 12-25-95; Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00.
Repealed by Ord. No. 187,475, Eff. 6-9-22.
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