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There is created and established within the Treasury of the City of Los Angeles a special fund to be known as the Insurance and Bond Special Fund (Fund) for the receipt and disbursement of funds to pay for the premiums for all of the insurance coverage purchased by the City and the actuarial, consulting and broker services relative to the City’s insurance program. A portion of the Fund shall also be allocated for disbursement of funds to pay sureties for contractor bond defaults under the Bond Assistance Program Los Angeles. The Fund shall be administered by the City Administrative Officer. Interest earned on the Fund shall be credited to the Fund. At the end of the fiscal year, any surplus funds remaining in the Fund, over and above the amount allocated for the Bond Assistance Program Los Angeles, shall be credited to the Reserve Fund.
SECTION HISTORY
Article and Section Added by Ord. No. 175,309, Eff. 8-4-03.
Amended by: Title and Section, Ord. No. 177,249, Eff. 2-18-06; Ord. No. 177,471, Eff. 5-28-06.
There is hereby established in the Treasury of the City of Los Angeles a special fund to be known as the Capital Projects Bond Reserves Fund (Fund) for the deposit of money resulting from the substitution of a surety bond in lieu of the cash in the Debt Service Reserve Fund established in the Indenture of Trust (Indenture) for the Los Angeles Convention and Exhibition Center Authority Lease Revenue Bonds, 1993 Refunding Series A, to be used for the purposes of funding capital improvement projects in the City and other expenditures permitted under the Indenture, as may be approved by the Council with the approval of the Mayor. The Fund shall be administered by the Board of Public Works. All interest earnings accruing on money in the Fund shall be credited to the Fund to be used for its purposes. Money in the Fund shall not revert to the Reserve Fund of the City.
SECTION HISTORY
Article and Section Added by Ord. No. 178,943, Eff. 8-11-07.
Amended by: Ord. No. 180,432, Eff. 2-8-09.
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