All monies remaining in any fund used for the payment of principal and/or interest on bonds that have been fully matured are hereby transferred to the Bonded Debt Indemnification Fund. Any monies remaining in the Fund that have been fully matured for a period of three years and on which no claim for payment has been made, shall be transferred to the City’s General Fund and shall become the property of the City of Los Angeles in conformity with the procedures and notice requirements set forth in Government Code Section 50050, et al., or its successor.
SECTION HISTORY
Added by Ord. No. 152,099, Eff. 4-23-79.
Amended by: In Entirety, Ord. No. 175,132, Eff. 5-4-03, Oper. 1-1-02.