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.