All revenues derived from any such municipal auditorium, municipal auditorium center, convention center or facilities in connection therewith, including the proceeds from any lease thereof, shall be paid, at the direction of the Executive Director of the Convention Center, into either accounts maintained by the private entity under contract with the City to manage, operate and maintain the Convention Center, or into a special fund to be designated as the "Convention Center Revenue Fund", which fund is hereby established. The expenses of operation, management, maintenance and improvement of any such municipal auditorium, or municipal auditorium center, convention center or the facilities in connection therewith, shall be defrayed solely from the Convention Center Revenue Fund and the revenues or other moneys paid into the same or appropriations budgeted for such purposes to the Los Angeles City Tourism Department, or from accounts maintained by the private entity under contract to manage, operate and maintain the Convention Center. Moneys in the Convention Center Revenue Fund, or in the accounts maintained by the private entity, shall be appropriated or used only as follows:
First: For the necessary expenses of operating, managing, maintaining and improving any such municipal auditorium or municipal auditorium center, convention center, or facilities in connection with any such facilities and discharge of liabilities arising therefrom.
Second: For the payment of the principal and interest, or either, due or coming due, during the fiscal year in which the money in said fund account is received, or to be received upon outstanding bonds or other evidences of indebtedness, such as lease agreements made by the City to repay such indebtedness issued for the acquisition, construction, or completion of any municipal auditorium, or municipal auditorium center, convention center, or facilities in connection therewith.
Third: To transfer to the Reserve Fund in the manner provided in Section 382 of the Charter; provided, however, that no such transfer shall be made as long as any bonds or other evidences of indebtedness payable out of said revenue fund shall be outstanding and unpaid, or so long as the City is obligated to make payments on a lease which guarantees debt service of bonds or other evidences of indebtedness issued to construct a municipal auditorium, or municipal auditorium center and the facilities in connection therewith, or until there shall have been set apart in a special trust fund, established for such lease payments, bonds or other evidences of indebtedness, sums sufficient to pay, when due, rental payments for the unexpired term of any such lease, and the entire principal of any such indebtedness remaining unpaid, together with interest accrued and to accrue thereon.
SECTION HISTORY
Added by Ord. No. 144,335, Eff. 3-4-73, Oper. 7-1-73.
Amended by: Ord. No. 144,926, Eff. 8-17-73; Ord. No. 167,696, Eff. 5-7-92.
Readopted by Ord. No. 173,492, Eff. 10-10-00.
Amended by: Ord. No. 182,814, Eff. 1-11-14; Ord. No. 183,008, Eff. 6-9-14; Ord. No. 187,183, Eff. 10-18-21.