There is hereby created within the Treasury of the City of Los Angeles for the purpose of receiving money from the sale of the Landscaping and Lighting District 96-1 Assessment Bonds, Series 2002 (the “Bonds”), the Landscaping and Lighting District 96-1 Assessment Bonds, Series 2002 Improvement Fund (the “Improvement Fund”). No expenditures may be made from the Improvement Fund except for the purposes of the Proposition K acquisitions and capital improvements and as provided in the Indenture relating to the Bonds. All earnings by the Improvement Fund shall be retained in the Improvement Fund to be used for the purposes of the Improvement Fund or for purposes in accordance with the City’s Tax Certificate for the Bonds. Money not expended from the Improvement Fund in any fiscal year shall not revert to the Reserve Fund, but shall remain in the Improvement Fund.
SECTION HISTORY
Added by Ord. No. 174,532, Eff. 6-2-02.