There is created in the Treasury of the City of Los Angeles a special fund, named the "MICLA Lease Revenue Commercial Paper Notes (Los Angeles Convention Center), Tax-Exempt Series A-1 Accounting Fund" (MICLA Commercial Paper Series A-1 Accounting Fund), for the purpose of recording accounting transactions for the MICLA Lease Revenue Commercial Paper Notes (Los Angeles Convention Center), Tax-Exempt Series A-1 transaction to finance costs associated with the acquisition and improvement of real property for City use. The City Controller shall administer the MICLA Commercial Paper Series A-1 Accounting Fund. All earnings of the MICLA Commercial Paper Series A-1 Accounting Fund shall be retained in the MICLA Commercial Paper Series A-1 Accounting Fund to be used for the purposes permitted by the MICLA Lease Revenue Commercial Paper Notes (Los Angeles Convention Center) Series A-1 transaction, and the monies in the MICLA Commercial Paper Series A-1 Accounting Fund shall not revert to the Reserve Fund at the close of each fiscal year.
SECTION HISTORY
Added by Ord. No. 183,924, Eff. 12-4-15.