ARTICLE 3 FINANCING THE AUTHORITY – TERMINATION

Section

8.17   Separate Fund.

8.18   Termination of Authority.

Sec. 8.17. Separate Fund.

   A separate fund is hereby created to be kept in the County Treasury, which fund shall be subject to the order of said Authority and used by it for the payment of any and all obligations created by such Authority. The City of Los Angeles and the County of Los Angeles shall each contribute to said fund an equal amount and contributions to said fund shall be made from time to time as required by said Authority and as approved by the City and the County.

SECTION HISTORY

Based on Ord. No. 89 471.

Sec. 8.18. Termination of Authority.

   Such Authority shall continue until terminated by joint action of the City and the County; provided, however, that either the City or the County may terminate said Authority by giving ten (10) days’ notice in writing to the other. Upon the termination of such Authority any money in its fund shall be returned to the City and to the County in equal shares.

SECTION HISTORY

Based on Ord. No. 89,471.