There is hereby established in the Treasury of the City of Los Angeles a special fund, named the "Community Facilities District No. 8 (Legends at Cascades) Special Tax Fund" (Special Tax Fund), for the purposes of receiving proceeds of the special tax (Special Tax) levied on non-exempt real property in Community Facilities District No. 8 (Legends at Cascades) (District) and proceeds from enforcement and collection activities and foreclosures related to the Special Tax, and from which money shall be disbursed only to pay or provide for the payment of the facilities authorized to be financed by the District, as provided in the Ordinance of Formation therefor, adopted on November 8, 2007 (Ordinance of Formation), and the incidental expenses related thereto, including the costs associated with the creation of the District, issuance of bonds, determination of the amount of taxes, collection of taxes, payment of taxes, or costs otherwise incurred in order to carry out the authorized purposes of the District, as provided in the Ordinance of Formation. The Special Tax Fund shall be administered by the City Administrative Officer. Earnings received on money in the Special Tax Fund shall be retained in the Special Tax Fund to be used only for the purposes of the Special Tax Fund. Pursuant to Charter Section 344, money in the Special Tax Fund shall not be subject to reversion to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 180,746, Eff. 7-28-09.