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(a) In accordance with Section 635 of the Charter of the City of Los Angeles (the “Charter”), there is hereby created in the Treasury of the City of Los Angeles within the Airport Revenue Fund a special account named the “Los Angeles International Airport Revenue Account”. The Los Angeles International Airport Revenue Account shall consist of:
(1) all funds, moneys, securities, credits and other evidences of indebtedness in the present Airport Revenue Fund on the effective date hereof to the extent derived from the operations and activities at Los Angeles International Airport, and all funds or accounts derived therefrom, including, without limiting the generality thereof, all funds, moneys, securities, credits and other evidences of indebtedness in the previously-created Los Angeles International Airport Maintenance and Operation Reserve Account on the effective date hereof, and all funds, moneys, securities, credits or evidences of indebtedness in Los Angeles International Airport Maintenance and Operation Reserve Account created by Section 23.10(d)(2) as authorized by Section 635(a) of the Charter to the extent derived from the operations and activities at Los Angeles International Airport;
(2) all moneys received or collected after the effective date hereof for the use or operation of Los Angeles International Airport, including all rates, charges, rentals, fees and other compensation collected or received by the Department of Airports (the “Department”); and
(3) all investments of the Los Angeles International Airport Revenue Account or any fund or account derived therefrom in securities and other evidences of indebtedness; and
(4) all interest earned and collected hereafter on the Los Angeles International Airport Revenue Account or any fund or account derived therefrom; provided, however, there shall be excluded from the Los Angeles International Airport Revenue Account any revenues (hereinafter called “special facilities revenues”) received or to be received for the payment of any special purpose indebtedness of the Department payable solely out of the moneys received or collected by the Department for the use or operation of special purpose facilities at Los Angeles International Airport. All special facilities revenues received by the Department for the use or operation of special facilities at Los Angeles International Airport shall be deposited in accordance with the terms of the Department resolution or indenture authorizing such special purpose indebtedness.
(b) The Board of Airport Commissioners (the “Board”) shall have control over the Los Angeles International Airport Revenue Account and authority to make all appropriations from and to order all transfers or expenditures therefrom, and such transfers or expenditures shall be drawn from said account only upon demands authenticated by the signature of the chief accounting employee of the Board, except as otherwise authorized under Section 609 of the Charter. The Board shall have the authority to modify the accounts with respect to various airports in the Revenue Fund in accordance with the procedures set forth in Charter Section 635 subject to Council approval by Ordinance.
(c) None of the moneys or funds in or belonging to the Los Angeles International Airport Revenue Account shall be appropriated, transferred, expended or used for any purpose, except those set forth in Charter Section 635(b).
(d) The following enumerated appropriations, transfers and expenditures shall have priority in the order in which they are listed, for so long as the account or fund, to which each paragraph below relates, continues to exist and until such times as all of them shall have been provided for before any expenditures are made for discretionary expenditures permitted under Paragraph 4 of this Subsection (d):
(1) At the beginning of each fiscal year there shall be appropriated and transferred from the Los Angeles International Airport Revenue Account, monthly or otherwise as provided in any proceedings for the incurring of any indebtedness of the Department authorized by the Charter in respect of Los Angeles International Airport, the sum or sums required to be placed in any bond service funds, sinking funds, reserve funds or other funds or accounts or special trust accounts established to insure the payment of principal of, interest on, or redemption of or for the security of such bonds, notes, certificates or other evidences of indebtedness payable solely from revenues of the Department relating to Los Angeles International Airport; provided, however, that the Department may pay all or a portion of such indebtedness after paying all or a portion of the items set forth in Paragraphs 2 and 3 of this Subsection (d) if the terms relating to such indebtedness so permit.
(2) There is hereby established and designated within the Los Angeles International Airport Revenue Account a “Los Angeles International Airport Maintenance and Operation Reserve Account” into which there shall initially be deposited the amounts transferred to the Los Angeles International Airport Revenue Account from the previously-created Los Angeles International Airport Maintenance and Operation Reserve Account upon the creation of such revenue account pursuant to Subsection (a) above. Thereafter, at the beginning of each fiscal year, commencing on July 1 next following the effective date hereof, there shall be appropriated and deposited to said Los Angeles International Airport Maintenance and Operation Reserve Account out of any moneys remaining in the Los Angeles International Airport Revenue Account at the end of the preceding fiscal year a sum which, when added to any moneys in said Los Angeles International Airport Maintenance and Operation Reserve Account, shall equal not less than 25% nor more than 50% of the budgeted maintenance and operation expenses for Los Angeles International Airport for the current fiscal year. Moneys in said Los Angeles International Airport Maintenance and Operation Reserve Account may be appropriated by the Board and transferred to the Los Angeles International Airport Revenue Account as provided in Paragraph 3 of this Subsection (d) and the amounts withdrawn shall be returned to said Los Angeles International Airport Maintenance and Operation Reserve Account as provided in said Paragraph 3.
(3) The maintenance and operation expenses of the Department in respect of Los Angeles International Airport and any liabilities incurred therefor may be paid monthly. If no moneys remain in the Los Angeles International Airport Revenue Account for the purposes authorized in this paragraph, or if the moneys therein are insufficient, then the sum or sums necessary for the payment of said monthly expenses and liabilities shall be transferred to the Los Angeles International Airport Revenue Account from the Los Angeles International Airport Maintenance and Operation Reserve Account. If moneys have been transferred to the Los Angeles International Airport Revenue Account from the Los Angeles International Airport Maintenance and Operation Reserve Account, moneys in the amount of such transfer shall be returned to and placed in said Los Angeles International Airport Maintenance and Operation Reserve Account from the first moneys in the Los Angeles International Airport Revenue Account, which, subject to the priority set forth in Paragraph 1 above and the provisions of Paragraph 4 below, will be available therefor. At the end of each fiscal year, any sum remaining in the Los Angeles International Airport Revenue Account in excess of any amount required to be transferred at the beginning of the next fiscal year by Paragraphs 1 and 2 above and by proceedings for the incurring of any indebtedness authorized by the Charter in respect of Los Angeles International Airport and in excess of any unpaid expenses or liabilities relating to Los Angeles International Airport shall remain in the Los Angeles International Airport Revenue Account and be subject to appropriation as provided in Paragraph 2 above and Paragraph 4 below.
(4) In any fiscal year after
(i) all appropriations and transfers required to be made on or before said date by any proceedings for the incurring of any indebtedness of the Department authorized by the Charter in respect of Los Angeles International Airport have been made, and
(ii) the crediting required to be made by Paragraph 2 above has been made and there is in the Los Angeles International Airport Maintenance and Operation Reserve Account an amount equal to not less than 25% of the budgeted maintenance and operations expenses for Los Angeles International Airport for the fiscal year, and
(iii) after payment or provision of funds for the payment of maintenance and operation expenses for Los Angeles International Airport for the current month has been made, the Board, in its discretion, may appropriate, pay or expend moneys remaining in said fund in any month for these purposes:
(a) The acquisition of land, real property or interests in real property for, and the acquisition, construction, enlargement and improvement of new and existing buildings, structures, facilities, utilities, equipment, appliances and other property necessary or convenient for the development or improvement of any airports and heliports owned, controlled or operated by the City in the promotion and accommodation of air commerce or navigation and matters incidental thereto.
(b) To pay into the City Employee’s Retirement System the expenses applicable to the employees of the Department of Airports.
(c) For any other lawful purpose of the Department, including without limitation, to pay the costs of performing additional duties imposed upon the Department by ordinance, to pay principal of, redemption premium and interest on bonds or other obligations of the Department of Airports for any airport, heliport and related facilities owned, controlled and operated by the City, and to pay maintenance and operation expenses for any airport, heliport and related facilities operated by the City.
(d) The return and payment into the general fund of the City of any sums paid by the City from funds raised by taxation for the payment of the interest on and principal of any general obligation bonds issued by the City for the acquisition, construction and improvement of any airport owned or operated by the City.
But such monies may be used only to the extent any such purposes relate to Los Angeles International Airport and, only then, for any of the purposes specified in Clauses (a) through (d) above for any other airport, heliport or related facilities operated by the Department including, without limitation, the financing and maintenance and operation of the other airports, heliports and related facilities operated by the Department, to the extent revenues and other funds related to such airport, heliport or related facility are insufficient.
To the extent permitted by the Charter and applicable laws and by any contracts to which the Department is a party, any moneys remaining after the mandatory expenditures and any discretionary expenditures shall be subject to a transfer from the Airport Revenue Fund and any specific account to the General Fund. Within sixty (60) days after receipt of the end of the fiscal year audit, the Board shall determine the amount to be transferred and shall submit its determination to the City Council for its approval and/or modifications. Money not so transferred or remaining after such transfer shall remain in the Airport Revenue Fund in the account specified.
SECTION HISTORY
Repealed by Ord. No. 173,232, Eff. 6-19-00, Oper. 7-1-00.
Amended by: Former Sec. 23.24 Renumbered 23.10 and Amended, Ord. No. 173,232, Eff. 6-19-00, Oper-7-1-00.
As authorized by Section 609 of the Charter and subject to the provisions of Division 11, Chapter 1, Article 6.5 (Section 11.28.1 et seq.) of the Administrative Code, the Department shall have the power to borrow money and issue bonds, refunding bonds, notes, other evidences of indebtedness and revenue obligations, the principal of, premium and interest on which may be secured by an exclusive pledge, charge and lien upon the Los Angeles International Airport Revenue Account.
SECTION HISTORY
Repealed by Ord. No. 173,232, Eff. 6-19-00, Oper. 7-1-00.
Amended by: Former Sec. 23.24.1 Renumbered 23.11 and Amended, Ord. No. 173,232, Eff. 6-19-00, Oper-7-1-00.
(a) In accordance with Section 635(a) of the Charter of the City of Los Angeles (the “Charter”), there is hereby created in the Treasury of the City of Los Angeles within the Airport Revenue Fund a special account named the “Ontario International Airport Revenue Account”. The Ontario International Airport Revenue Account shall consist of:
(1) all funds, moneys, securities, credits and other evidences of indebtedness in the present Airport Revenue Fund on the effective date hereof to the extent derived from the operations and activities at Ontario International Airport and all funds or accounts derived therefrom, including, without limiting the generality thereof, all funds, moneys, securities, credits and other evidences of indebtedness in the previously-created Ontario International Airport Maintenance and Operation Reserve Account on the effective date hereof, and all funds, moneys, securities, credits or evidences of indebtedness in Ontario International Airport Maintenance and Operation Reserve Account created by Section 23.12(d)(2) as authorized by Section 635(a) of the Charter to the extent derived from the operations and activities at Ontario International Airport;
(2) all moneys received or collected after the effective date hereof for the use or operation of Ontario International Airport, including all rates, charges, rentals, fees and other compensation collected or received by the Department of Airports (the “Department”); and
(3) all investments of the Ontario International Airport Revenue Account or any fund or account derived therefrom in securities and other evidences of indebtedness; and
(4) all interest earned and collected hereafter on the Ontario International Airport Revenue Account or any fund or account derived therefrom; provided, however, there shall be excluded from the Ontario International Airport Revenue Account any revenues (hereinafter called “special facilities revenues”) received or to be received for the payment of any special purpose indebtedness of the Department payable solely out of the moneys received or collected by the Department for the use or operation of special purpose facilities at Ontario International Airport. All special facilities revenues received by the Department for the use or operation of special facilities at Ontario International Airport shall be deposited in accordance with the terms of the Department resolution or indenture authorizing such special purpose indebtedness.
(b) The Board of Airport Commissioners (the “Board”) shall have control over the Ontario International Airport Revenue Account and authority to make all appropriations from and to order all transfers or expenditures therefrom, and such transfers or expenditures shall be drawn from said account only upon demands authenticated by the signature of the chief accounting employee of the Board, except as otherwise authorized under Section 609 of the Charter. The Board shall have the authority to modify the accounts with respect to various airports in the Revenue Fund in accordance with the procedures set forth in Charter Section 635 subject to Council approval by Ordinance.
(c) None of the moneys or funds in or belonging to the Ontario International Airport Revenue Account shall be appropriated, transferred, expended or used for any purpose, except to the financing and maintenance and operation of Ontario International Airport and then only in accordance with the priorities and discretionary authority stated in Subsection (d) below.
(d) The following enumerated appropriations, transfers and expenditures shall have priority in the order in which they are listed, for so long as the account or fund, to which each paragraph below relates, continues to exist and until such times as all of them shall have been provided for before any expenditures are made for discretionary expenditures permitted under Paragraph 4 of this Subsection (d):
(1) At the beginning of each fiscal year there shall be appropriated and transferred from the Ontario International Airport Revenue Account, monthly or otherwise as provided in any proceedings for the incurring of any indebtedness of the Department authorized by the Charter in respect of Ontario International Airport, the sum or sums required to be placed in any bond service funds, sinking funds, reserve funds or other funds or accounts or special trust accounts established to insure the payment of principal of, interest on, or redemption of or for the security of such bonds, notes, certificates or other evidences of indebtedness payable solely from revenues of the Department relating to Ontario International Airport; provided, however, that the Department may pay all or a portion of such indebtedness after paying all or a portion of the items set forth in Paragraphs 2 and 3 of this Subsection (d) if the terms relating to such indebtedness so permit.
(2) There is hereby established and designated within the Ontario International Airport Revenue Account an “Ontario International Airport Maintenance and Operation Reserve Account” into which there shall initially be deposited the amounts transferred to the Ontario International Airport Revenue Account from the previously-created Ontario International Airport Maintenance Operation Reserve Account upon the creation of such revenue account pursuant to Subsection (a) above. Thereafter, at the beginning of each fiscal year, commencing on July 1 next following the effective date hereof, there shall be appropriated and deposited to the Ontario International Airport Maintenance and Operation Reserve Account out of any moneys remaining in the Ontario International Airport Revenue Account at the end of the preceding fiscal year a sum which, when added to any moneys in said Ontario International Airport Maintenance and Operation Reserve Account, shall equal not less than 25% nor more than 50% of the budgeted maintenance and operation expenses for Ontario International Airport for the current fiscal year. Moneys in said Ontario International Maintenance and Operation Reserve Account may be appropriated by the Board and transferred to the Ontario International Airport Revenue Account as provided in Paragraph 3 of this Subsection (d) and the amounts withdrawn shall be returned to said Ontario International Airport Maintenance and Operation Reserve Account as provided in Paragraph 3.
(3) The maintenance and operation expenses of the Department in respect of Ontario International Airport and any liabilities incurred therefor may be paid monthly. If no moneys remain in the Ontario International Airport Revenue Account for the purposes authorized in this paragraph, or if the moneys therein are insufficient, then the sum or sums necessary for the payment of said monthly expenses and liabilities shall be transferred to the Ontario International Airport Revenue Account from the Ontario International Airport Maintenance and Operation Reserve Account. But, the sum or sums so transferred shall be returned to and placed in the Ontario International Airport Maintenance and Operation Reserve Account from the first moneys in the Ontario International Airport Revenue Account, which, subject to the priority set forth in Paragraph 1 above and the provisions of Paragraph 4 below, will be available for it. At the end of each fiscal year, any sum remaining in the Ontario International Airport Revenue Account in excess of any amount required to be transferred at the beginning of the next fiscal year by Paragraphs 1 and 2 above and by proceedings for the incurring of any indebtedness authorized by the Charter in respect of Ontario International Airport and in excess of any unpaid expenses or liabilities relating to Ontario International Airport shall remain in the Ontario International Airport Revenue Account and be subject to appropriation as provided in Paragraph 2 above and Paragraph 4 below.
(4) In any fiscal year after
(i) all appropriations and transfers required to be made on or before said date by any proceedings for the incurring of any indebtedness of the Department authorized by the Charter in respect of Ontario International Airport have been made, and
(ii) the crediting required to be made by Paragraph 2 above has been made and there is in the Ontario International Airport Maintenance and Operation Reserve Account an amount equal to not less than 25% of the budgeted maintenance and operations expenses for Ontario International Airport for the fiscal year, and
(iii) after payment or provision of funds for the payment of maintenance and operation expenses for Ontario International Airport for the current month has been made, the Board, in its discretion, may appropriate, pay or expend moneys remaining in said fund in any month for any purposes specified in Clauses (a) through (d) below:
(a) The acquisition of land, real property or interests in real property for, and the acquisition, construction, enlargement and improvement of new and existing buildings, structures, facilities, utilities, equipment, appliances and other property necessary or convenient for the development or improvement of any airports and heliports owned, controlled or operated by the City in the promotion and accommodation of air commerce or navigation and matters incidental thereto.
(b) To pay into the City Employee’s Retirement System the expenses applicable to the employees of the Department of Airports.
(c) For any other lawful purpose of the Department, including without limitation, to pay the costs of performing additional duties imposed upon the Department by ordinance, to pay principal of, redemption premium and interest on bonds or other obligations of the Department of Airports for any airport, heliport and related facilities owned, controlled and operated by the City, and to pay maintenance and operation expenses for any airport, heliport and related facilities operated by the City.
(d) The return and payment into the general fund of the City of any sums paid by the City from funds raised by taxation for the payment of the interest on and principal of any general obligation bonds issued by the City for the acquisition, construction and improvement of any airport owned or operated by the City.
But such monies may be used only to the extent any such purposes relate to Ontario International Airport.
SECTION HISTORY
Repealed by Ord. No. 173,232, Eff. 6-19-00, Oper. 7-1-00.
Amended by: Former Sec. 23.25 Renumbered 23.12 and Amended, Ord. No. 173,232, Eff. 6-19-00, Oper-7-1-00.
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