(A) There is hereby established in the Treasury of the City of Los Angeles for the purpose of receiving money from the sale of the General Obligation Bonds, Series 2009-A (Series 2009-A Bonds) and Series 2009-B (Series 2009-B Bonds) (together, Series 2009 Bonds), the General Obligation Bonds, Series 2009 Clean Water, Ocean, River, Beach, Bay Storm Water Clean-up Projects Construction Fund (Construction Fund). No expenditures may be made from the Construction Fund except for the purposes of the Clean Water, Ocean, River, Beach, Bay Storm Water Clean-up Projects, as approved by the voters on November 2, 2004. When all facilities and improvement projects are completed, any money remaining in the Construction Fund shall be deposited into the Series 2009 Debt Service Fund, subject to any conditions in the applicable Tax Certificate for the Series 2009-A Bonds and Series 2009-B Bonds. All earnings by the Construction Fund shall be retained in the 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 2009 Excess Earnings Fund in accordance with the applicable Tax Certificate.
(B) There is hereby established in the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2009 Debt Service Fund (Series 2009 Debt Service Fund) within which are established the Series 2009-A Debt Service Account and the Series 2009-B Debt Service Account, for the purposes of payment of principal, premium, if any, and interest on the Series 2009-A Bonds and Series 2009-B Bonds respectively, 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 2009 Bonds and all money from the collection of property taxes for the Series 2009 Bonds shall be deposited into the applicable account in the Series 2009 Debt Service Fund. The Series 2009 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 2009 Excess Earnings Fund in accordance with the applicable Tax Certificate. When there are no longer any Series 2009 Bonds outstanding, any money in the Series 2009 Debt Service Fund shall be deposited into the City's General Fund, subject to any conditions in the applicable Tax Certificate.
(C) There is hereby established in the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2009 Excess Earnings Fund (Series 2009 Excess Earnings Fund), within which are established the Series 2009-A Excess Earnings Account and the Series 2009-B Excess Earnings Account, for the purpose of holding money that the Treasurer finds to be earnings in excess of the yield on the Series 2009-A Bonds and on the Series 2009-B bonds, respectively. The Treasurer shall deposit money from the Construction Fund and the Series 2009 Debt Service Fund, in accordance with the applicable Tax Certificate, to the applicable Excess Earnings Account. Money in the Series 2009 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 2009 Bonds in accordance with the applicable Tax Certificate.
(D) Pursuant to City 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. 180,808, Eff. 7-30-09.