All note or bond proceeds shall be deposited in various accounts to be maintained in the Grant Anticipation Notes and Bonds Fund established pursuant to Article 4 of Chapter 9 of Division 5 of this Code commencing with Section 5.167. The proceeds of each issue shall be placed in a separate and appropriate account established within such fund. Each account may be divided into sub-accounts as necessary for the proper administration and expenditure of the proceeds of the issue. The use of the funds in each of such accounts and sub-accounts and the disbursements therefrom shall be strictly in accordance with the note or bond order or resolution authorizing the issuance of such notes or bonds and/or the agreements entered into by the City of Los Angeles to secure the repayment of such notes or bonds.
SECTION HISTORY
Added by Ord. No. 157,564, Eff. 5-2-83.