(A) There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2004-A, 911-Police-Fire- Paramedic Projects Construction Fund (Series 2004-A Construction Fund) for the purpose of receiving money from the sale of the Series 2004-A Bonds. No expenditures may be made from the Construction Fund except for the purposes of the 911-Police-Fire-Paramedic Facilities Projects, as approved by the voters on March 5, 2002. When all facilities and improvement projects to be paid out of the Construction Fund are completed, any money remaining in the Construction Fund shall be deposited into the Series 2004-A Debt Service Fund, subject to any conditions in the City’s Tax Certificate for the Series 2004-A Bonds. All earnings by the Construction Fund shall be retained in the 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 2004-A Excess Earnings Fund in accordance with the City’s Tax Certificate for the Series 2004-A Bonds.
(B) There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2004-A, Debt Service Fund (Series 2004-A Debt Service Fund) for the purposes of payment of principal, premium, if any, and interest on the Series 2004-A Bonds, and repayment of any temporary transfers from the City’s Reserve Fund. The accrued interest, if any, received by the City from the sale of the Series 2004-A Bonds and all money from the collection of property taxes for the Series 2004-A Bonds shall be deposited into the Series 2004-A Debt Service Fund. The Series 2004-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 2004-A Excess Earnings Fund in accordance with the City’s Tax Certificate for the Series 2004-A Bonds. When there are no longer any Series 2004-A Bonds outstanding, any money in the Series 2004-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 2004-A Bonds.
(C) There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2004-A, Excess Earnings Fund (Series 2004-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 2004-A Bonds. The Treasurer shall deposit money from the Construction Fund and the Series 2004-A Debt Service Fund into the Series 2004-A Excess Earnings Fund in accordance with the City’s Tax Certificate for the Series 2004-A Bonds. Money in the Series 2004-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 2004-A Bonds in accordance with the City’s Tax Certificate for the Series 2004-A Bonds.
(D) There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2004-A, Costs of Issuance Fund (Series 2004-A Costs of Issuance Fund) for the purpose of paying all expenses incident to the sale and issuance of the Series 2004-A 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 to the Series 2004-A Construction Fund.
(E) 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. 176,107, Eff. 7-26-04.