Sec. 11.27.20.3. Signature, Countersignatures.

   The Bonds shall be signed by the Mayor, or such other officer of the City as the Council authorizes by resolution and by the City Treasurer or a Deputy City Treasurer. The Bonds shall be countersigned by the City Clerk or a Deputy City Clerk. All signatures and countersignatures may be printed, lithographed or otherwise mechanically reproduced except that one signature must be signed manually. If any officer whose signature appears on the Bonds ceases to be an officer before the delivery of the Bonds, the officer’s signature shall be as effective as if the officer had remained in office.

SECTION HISTORY

Added by Ord. No. 172,282, Eff. 12-14-98.

Sec. 11.27.20.4. Bonds as Unconditional Obligations of the City.

   Bonds issued under this article shall be unconditional obligations of the City, payable as to principal, premium (if any) and interest exclusively from the Special Parking Revenue Fund of the City established pursuant to Section 5.117 of the Los Angeles Administrative Code. From and after the date of issuance of any Bonds under this article, the City shall pay solely from money contained in the Special Parking Revenue Fund the principal of, premium (if any) and interest on the Bonds due and payable (whether by maturity, mandatory sinking fund redemption, tender for purchase or otherwise), together with an amount sufficient to pay liquidity or other credit enhancement costs relating to the Bonds.

SECTION HISTORY

Added by Ord. No. 172,282, Eff. 12-14-98.

Sec. 11.27.20.5. Other Forms of Financing.

   The provisions of this article shall not preclude the City from financing the costs of construction of off-street parking facilities by any other legally available means.

SECTION HISTORY

Added by Ord. No. 172,282, Eff. 12-14-98.