Bonds issued under this article shall be secured by and payable as to principal, premium (if any) and interest solely from the Sanitation Equipment Charge Special Revenue Fund of the City established pursuant to Article 7 of Chapter 6 of Division 5 of the Los Angeles Administrative Code, with such priority on payment from said Sanitation Equipment Charge Special Revenue Fund as shall be set out in the Indenture or by resolution. The General Fund of the City shall not be liable for payment of principal, premium or interest on the Bonds and the holders of the Bonds shall have the right solely to compel the City to pay said Bonds from the Sanitation Equipment Charge Special Revenue Fund at the times, in the amounts and in the manner set out in the Indenture. Nothing in this article, however, shall preclude the City from voluntarily advancing any other lawfully available moneys to the payment of principal, premium or interest on the Bonds.
SECTION HISTORY
Added by Ord. No. 174,129, Eff. 9-1-01.