(a) There is created in the Treasury of the City of Los Angeles a special fund, named the "MICLA Lease Revenue Bonds, Series 2010-A through D Accounting Fund" (Accounting Fund), for the purpose of recording accounting transactions for the MICLA Lease Revenue Bonds, Series 2010-A (Capital Equipment), Series 2010-B (Capital Equipment) (Recovery Zone Economic Development Bonds-Taxable), Series 2010-C (Real Property) (Recovery Zone Economic Development Bonds-Taxable), and Refunding Series 2010-D (Real Property) (together, Bonds), to refinance costs associated with the acquisition of certain equipment, finance costs related to the acquisition of certain equipment and the acquisition and improvement of certain real properties, and refund certain Certificates of Participation previously executed and delivered by the City. The City Controller shall administer the Accounting Fund. All earnings of the Accounting Fund shall be retained in the Accounting Fund and credited to the bond issue generating the earnings, and are to be used for the purpose of the bond issue as provided in the Indentures for the respective bond issues.
(b) There is created in the Treasury of the City of Los Angeles a special fund, named the "MICLA Lease Revenue Bonds, Series 2010-B Acquisition Fund" (Acquisition Fund), for the purpose of receiving and expending money from the sale of MICLA Lease Revenue Bonds, Series 2010-B (Recovery Zone Economic Development Bonds-Taxable) (Series 2010-B). Money in the Acquisition Fund shall be used only to acquire equipment and no money shall be released from the Acquisition Fund except in accordance with the Series 2010-B Tax Certificate. All earnings by the Acquisition Fund shall be retained in the Acquisition Fund.
(c) There is created in the Treasury of the City of Los Angeles a special fund, named "MICLA Lease Revenue Bonds, Series 2010-C Construction Fund" (Construction Fund), for the purpose of receiving and expending money from the sale of MICLA Lease Revenue Bonds, Series 2010-C (Recovery Zone Economic Development Bonds-Taxable) (Series 2010-C). Money in the Construction Fund shall be used only to acquire, construct or improve real property, and no money shall be released from the Construction Fund except in accordance with the Series2010-C Tax Certificate. All earnings by the Construction Fund shall be retained in the Construction Fund.
SECTION HISTORY
Added by Ord. No. 181,392, Eff. 12-13-10.