There is created in the Treasury of the City of Los Angeles a special fund, named the "MICLA Lease Revenue Commercial Paper Notes Acquisition Fund" (Fund), for the purpose of receiving and disbursing money from a Municipal Improvement Corporation of Los Angeles (MICLA) financing named "Lease Revenue Commercial Paper Notes" (Notes), to pay for acquisitions and improvements of real properties and equipments. All Fund earnings shall be retained by the Fund. The Fund shall be administered generally by the City Administrative Officer and administered as to specific expenditures by the General Managers of the City departments for their respective allocations of Commercial Paper Notes proceeds. Pursuant to Charter Section 344, money in the Fund shall not revert to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 175,942, Eff. 6-3-04.