Sec. 11.28.1. Authorizing Resolution.

   Whenever the Department of Airports, the Harbor Department or the Department of Water and Power (each a “Department”) shall propose from time to time to exercise the power pursuant to Section 609 (“Section 609") of the Charter of The City of Los Angeles (the “Charter”) to issue bonds, refunding bonds, notes and other evidences of indebtedness or to otherwise incur revenue obligations (collectively defined as “Revenue Bonds” in Section 609), the Board of such Department shall adopt a resolution authorizing the issuance of such Revenue Bonds

   (a)   which resolution shall, at a minimum, specify:

   (i)   the purposes for which the proposed Revenue Bonds are to be issued,

   (ii)   the maximum principal amount of the Revenue Bonds proposed to be issued,

   (iii)   the maximum term for which any of said Revenue Bonds are to run, and

   (iv)   the maximum interest rate or cost, to be determined in the manner specified in said resolution, to be incurred through the issuance of such Revenue Bonds; and

   (b)   which resolution may, but need not, specify one or more of the items set forth in Sections 11.28.4 and 11.28.5 of this Administrative Code and may specify such other items as the Department may determine.

SECTION HISTORY

Added by Ord. No. 172,353, Eff. 1-30-99.

Amended by: Ord. No. 173,234, Eff. 6-19-00, Oper. 7-1-00; Ord. No. 173,306, Eff. 6-30-00, Oper. 7-1-00.