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Sec. 5.82.16. General Obligation Bonds, Series 2003-A, and Refunding Series 2003-B Special Funds.
 
   (A)   There is created within the Treasury of the City of Los Angeles for the purpose of receiving money from the sale of the General Obligation Bonds, Series 2003-A (Series 2003-A Bonds), the following special funds: (1) General Obligation Bonds, Series 2003-A, Animal Shelter Facilities Construction Fund, (2) General Obligation Bonds, Series 2003-A, Fire/Paramedic, Emergency Helicopter Facilities Construction Fund, (3) General Obligation Bonds, Series 2003-A, 911-Police-Fire-Paramedic Projects Construction Fund. No expenditures may be made from the Construction Funds except for the purposes of the Fire/Paramedic, Emergency Helicopter and Animal Shelter Facilities Projects, and 911-Police- Fire-Paramedic Facilities Projects, as approved by the voters on November 7, 2000, and March 5, 2002, respectively, including costs of issuance of the Series 2003-A Bonds. When all facilities and improvement projects to be paid out of a Construction Fund are completed, any money remaining in that Construction Fund shall be deposited into the Series 2003-A Debt Service Fund, subject to any conditions in the City’s Tax Certificate for the Series 2003-A Bonds. All earnings by each Construction Fund shall be retained in the respective Construction Fund until expended for the purposes of the Construction Fund or the Treasurer directs that some or all of the earnings be deposited into the Series 2003-A Excess Earnings Fund, in accordance with the City’s Tax Certificate for the Series 2003-A Bonds.
 
   (B)   There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2003-A Debt Service Fund (Series 2003-A Debt Service Fund) for the purposes of payment of principal, premium, if any, and interest on the Series 2003-A Bonds, and repayment of any temporary transfers from the City’s Reserve Fund. The premium and accrued interest, if any, received by the City from the sale of the Series 2003-A Bonds and all money from the collection of property taxes for the Series 2003-A Bonds shall be deposited into the Series 2003-A Debt Service Fund. The Series 2003-A Debt Service Fund shall retain all of its earnings until they are expended for debt service or the Treasurer directs that some or all of the earnings be deposited into the Series 2003-A Excess Earnings Fund in accordance with the City’s Tax Certificate for the Series 2003-A Bonds. When there are no longer any Series 2003-A Bonds outstanding, any money in the Series 2003-A Debt Service Fund shall be deposited into the City’s General Fund, subject to any conditions in the City’s Tax Certificate for the Series 2003-A Bonds.
 
   (C)   There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Refunding Series 2003-B (Series 2003-B Bonds) Debt Service Fund (Series 2003-B Debt Service Fund) for the purposes of payment of principal, premium, if any, and interest on the Series 2003-B Bonds, and repayment of any temporary transfers from the City’s Reserve Fund. The premium and accrued interest, if any, received by the City from the sale of the Series 2003-B Bonds and all money from the collection of property taxes for the Series 2003-B Bonds shall be deposited into the Series 2003-B Debt Service Fund. The Series 2003-B Debt Service Fund shall retain all of its earnings until they are expended for debt service or the Treasurer directs that some or all of the earnings be deposited into the Series 2003-B Excess Earnings Fund in accordance with the City’s Tax Certificate for the Series 2003-B Bonds. When there are no longer any Series 2003-B Bonds outstanding, any money in the Series 2003-B Debt Service Fund shall be deposited into the City’s General Fund, subject to any conditions in the City’s Tax Certificate for the Series 2003-B Bonds.
 
   (D)   There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2003-A, Excess Earnings Fund (Series 2003-A Excess Earnings Fund) for the purpose of holding money that the Treasurer finds to be earnings in excess of the yield on the Series 2003-A Bonds. The Treasurer shall deposit money from the Construction Funds and the Series 2003-A Debt Service Fund into the Series 2003-A Excess Earnings Fund in accordance with the City’s Tax Certificate for the Series 2003-A Bonds. Money in the Series 2003-A Excess Earnings Fund shall be used only for payments to the United States or for deposit into other funds or accounts pertaining to the Series 2003-A Bonds in accordance with the City’s Tax Certificate for the Series 2003-A Bonds.
 
   (E)   There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Refunding Series 2003-B, Excess Earnings Fund (Series 2003-B Excess Earnings Fund) for the purpose of holding money that the Treasurer finds to be earnings in excess of the yield on the Series 2003-B Bonds. The Treasurer shall deposit money from the Series 2003-B Debt Service Fund into the Series 2003-B Excess Earnings Fund in accordance with the City’s Tax Certificate for the Series 2003-B Bonds. Money in the Series 2003-B Excess Earnings Fund shall be used only for payments to the United States or for deposit into other funds or accounts pertaining to the Series 2003-B Bonds in accordance with the City’s Tax Certificate for the Series 2003-B Bonds.
 
   (F)   There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2003-A and Refunding Series 2003-B Costs of Issuance Fund (Series 2003-A and Series 2003-B Costs of Issuance Fund) for the purpose of paying all expenses incident to the sale and issuance of the Series 2003-A Bonds and Series 2003-B Bonds. After payment of all costs of issuance, any money then remaining in the Costs of Issuance Fund, including any interest earnings, shall be transferred on a pro-rata basis to the respective Construction Funds.
 
   (G)   Pursuant to Charter Section 344, money in the special funds shall not be subject to reversion to the Reserve Fund of the City.
 
SECTION HISTORY
 
Added by Ord. No. 175,367, Eff. 8-3-03.