(a) There shall continue to be maintained in the Treasury of the City of Los Angeles in connection with the issuance of Tax and Revenue Anticipation Notes (TRAN) a special fund, named the "Tax and Revenue Anticipation Notes, Note Proceeds Fund" (Note Proceeds Fund), which special fund for accounting purposes may be used to deposit and disburse the proceeds of the sale of each issue of TRAN. The Note Proceeds Fund shall be comprised of separate funds as may be needed for each issue of TRAN and each fund shall be identified by the name or number of the corresponding TRAN issue. Money in each fund shall be invested in accordance with the resolution of the Council authorizing the issuance of the corresponding TRAN (Authorizing Resolution). Investment earnings on amounts held in each fund shall be credited to or journaled to that fund until a date specified in the Authorizing Resolution, and on and after that date, all amounts remaining, if any, in that fund shall be credited and transferred to the Debt Service Fund and applied, as a credit against the amounts required to be deposited by the City in the Debt Service Fund pursuant to the Authorizing Resolution to the payment of principal and interest due on the corresponding TRAN at their maturity. Any money remaining in a fund after the corresponding TRAN and the interest on it has been fully paid, or provision for payment has been made, including any investment earnings earned prior to the end of the related fiscal year, but not credited to the fund until after the end of the related fiscal year, shall be deposited into the General Fund of the City. Money deposited in each fund may be expended for any purpose authorized in the related Authorizing Resolution. Pursuant to the City Charter, money in the Note Proceeds Fund shall not revert to the Reserve Fund of the City.
(b) There shall continue to be maintained in the Treasury of the City of Los Angeles in connection with the issuance of TRAN a special fund, named the "Tax and Revenue Anticipation Notes, Debt Service Fund" (Debt Service Fund), which special fund for accounting purposes may be used for the purpose of receiving and disbursing money required or permitted to be pledged for repayment of each issue of TRAN. The Debt Service Fund shall have separate funds as may be needed for each TRAN issue and each fund shall be identified by the name or number of the particular TRAN issue. Money in each fund shall be invested in accordance with the corresponding Authorizing Resolution. Investment earnings, if any, on each fund shall be credited to or journaled with respect to the fund until the payment of the corresponding TRAN at its maturity. Any money remaining in a fund after the corresponding TRAN and the interest on it has been fully paid, or provision for payment has been made, shall be released or transferred to the City for deposit into the General Fund of the City. Pursuant to the City Charter, money in the Debt Service Fund shall not revert to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 171,123, Eff. 6-19-96.
Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00.
Repealed and New Section Added by Ord. No. 179,986, Eff. 7-1-08.
Amended by: Ord. No. 183,107, Eff. 6-18-14.