There is hereby created in the Treasury of the City of Los Angeles a special fund, named the “MICLA Special Tax Lease Revenue Bonds (Police Emergency Command Control Communications System), Series 2002F (MICLA Series AO) Acquisition Fund” (the “Fund”), for the purpose of receiving and disbursing money from a Municipal Improvement Corporation of Los Angeles (the “MICLA”) financing named “Special Tax Lease Revenue Bonds (Police Emergency Command Control Communications System), Series 2002F (MICLA Series AO)” (the “Bonds”), in order to pay costs of additional portions (the “2002 Components”) of the Police Emergency Command Control Communications System. The Fund shall be held by the City in trust for the benefit of the holders of the Bonds and applied as provided in the Indenture, as supplemented, for the Bonds. Any money remaining after completion of the 2002 Components shall be used in accordance with the Indenture, as supplemented, for the Bonds. All earnings on money held in the Fund shall be retained by the Fund. The Fund shall be administered by the Police Department. Pursuant to Charter Section 344, money in the Fund shall not revert to the City Reserve Fund.
SECTION HISTORY
Added by Ord. No.174,414, Eff. 3-2-02.