(A) There is created within the Treasury of the City of Los Angeles for the purpose of receiving money from the sale of the Series 2005-A Bonds, the following special funds: (1) General Obligation Bonds, Series 2005-A, Fire/Paramedic, Emergency Helicopter Facilities Construction Fund and (2) General Obligation Bonds, Series 2005-A, Clean Water, Ocean, River, Beach, Bay Storm Water Clean-up Projects Construction Fund. No expenditures may be made from these Construction Funds except for the purposes of the Fire/Paramedic, Emergency Helicopter Facilities Projects and Clean Water, Ocean, River, Beach, Bay Storm Water Clean-up Projects, as approved by the voters on November 7, 2000, and November 2, 2004, respectively. 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 2005-A Debt Service Fund, subject to any conditions in the City's Tax Certificate for the Series 2005-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 2005-A Excess Earnings Fund in accordance with the City's Tax Certificate for the Series 2005-A Bonds.
(B) There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2005-A, Debt Service Fund (Series 2005-A Debt Service Fund) for the purposes of payment of principal, premium, if any, and interest on the Series 2005-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 2005-A Bonds and all money from the collection of property taxes for the Series 2005-A Bonds shall be deposited into the Series 2005-A Debt Service Fund. The Series 2005-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 2005-A Excess Earnings Fund in accordance with the City's Tax Certificate for the Series 2005-A Bonds. When there are no longer any Series 2005-A Bonds outstanding, any money in the Series 2005-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 2005-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 2005-B, Debt Service Fund (Refunding Series 2005-B Debt Service Fund) for the purposes of payment of principal, premium, if any, and interest on the Series 2005-B 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 2005-B Bonds and all money from the collection of property taxes for the Series 2005-B Bonds shall be deposited into the Refunding Series 2005-B Debt Service Fund. The Refunding Series 2005-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 Refunding Series 2005-B Excess Earnings Fund in accordance with the City's Tax Certificate for the Refunding Series 2005-B Bonds. When there are no longer any Refunding Series 2005-B Bonds outstanding, any money in the Refunding Series 2005-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 Refunding Series 2005-B Bonds.
(D) There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2005-A, Excess Earnings Fund (Series 2005-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 2005-A Bonds. The Treasurer shall deposit money from the Construction Funds and the Series 2005-A Debt Service Fund into the Series 2005-A Excess Earnings Fund in accordance with the City's Tax Certificate for the Series 2005-A Bonds. Money in the Series 2005-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 2005-A Bonds in accordance with the City's Tax Certificate for the Series 2005-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 2005-B, Excess Earnings Fund (Refunding Series 2005-B Excess Earnings Fund) for the purpose of holding money that the Treasurer finds to be earnings in excess of the yield on the Refunding Series 2005-B Bonds. The Treasurer shall deposit money from the Refunding Series 2005-B Debt Service Fund into the Refunding Series 2005-B Excess Earnings Fund in accordance with the City's Tax Certificate for the Refunding Series 2005-B Bonds. Money in the Refunding Series 2005-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 Refunding Series 2005-B Bonds in accordance with the City's Tax Certificate for the Refunding Series 2005-B Bonds.
(F) There is created within the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2005-A and Refunding Series 2005-B, Costs of Issuance Fund (Series 2005 Costs of Issuance Fund) for the purpose of paying all expenses incident to the sale and issuance of the Series 2005-A and Refunding Series 2005-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 Series 2005-A, Fire/Paramedic, Emergency Helicopter Facilities Construction Fund and Series 2005-A, Clean Water, Ocean, River, Beach Bay Storm Water Clean-up Projects Construction Fund.
(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. 176,839, Eff. 8-4-05.