(a) There is hereby created a fund within the Treasury of the City of Los Angeles known as the “Grant Anticipation Notes and Bonds Fund” and hereafter referred to in this section as the “Fund”. Said Fund shall be divided into separate accounts for each issue of grant anticipation notes or bonds, which account will be identified by the name or number of the said bond issue. Each account shall also be divided into sub-accounts as may be required by the resolution or order of the Council authorizing the issuance of such grant anticipation notes or bonds or by the note or bond indenture or agreement therefor.
(b) So long as all or any portion of an issue of grant anticipation notes or bonds is outstanding the moneys in the account and sub-accounts for such issue shall be expended solely for the purposes of and in strict accordance with the resolution or order authorizing such issue of grant anticipation notes or bonds and the indenture or agreement therefor. Upon full payment of all the indebtedness created by such issue, and the retirement or cancellation of all the grant anticipation notes or bonds of a particular issue, the funds remaining in the account established for that issue shall be paid to the fund or funds which furnished the City’s share of project costs, or if no City share was paid, to the general fund, or to the funds or funds furnishing the City’s share and to the general fund in appropriate proportions.
SECTION HISTORY
Added by Ord. No. 157,564, Eff. 5-2-83.
Amended by: In Entirety, Ord. No. 171,123, Eff. 6-19-96.