(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 2011-A (Series 2011-A Bonds), the General Obligation Bonds, Series 2011-A, 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 improvements projects are completed, any money remaining in the Construction Fund shall be deposited into the Series 2011-A Debt Service Fund, subject to any conditions in the City's Tax Certificate for the Series 2011-A 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 2011-A Excess Earnings Fund in accordance with the City's Tax Certificate for the Series 2011-A Bonds.
(B) There is hereby established in the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Refunding Series 2011-A, Debt Service Fund (Series 2011-A Debt Service Fund) for the purposes of payment of principal, premium, if any, and interest on the Series 2011-A Bonds, 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 2011-A Bonds and all money from the collection of property taxes for the Series 2011-A Bonds shall be deposited into the Series 2011-A Debt Service Fund. The Series 2011-A 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 2011-A Excess Earnings Fund in accordance with the City's Tax Certificate for the Series 2011-A Bonds. When there are no longer any Series 2011-A Bonds outstanding, any money in the Series 2011-A Debt Service Fund shall be deposited into the City's General Fund, subject to any conditions in the City's Tax Certificate for the Series 2011-A Bonds.
(C) There is hereby established in the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Refunding Series 2011-B, Debt Service Fund (Refunding Series 2011-B Debt Service Fund) for the purposes of payment of principal, premium, if any, and interest on the Refunding Series 2011-B Bonds, and repayment of any temporary transfers form the City's Reserve Fund. The accrued interest, if any, received by the City from the sale of the Refunding Series 2011-B Bonds and all money from the collection of property taxes for the Refunding Series 2011-B Bonds shall be deposited into the Refunding Series 2011-B Debt Service Fund. The Refunding Series 2011-B 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 Refunding Series 2011-B Excess Earnings Fund in accordance with the City's Tax Certificate for the Refunding Series 2011-B Bonds. When there are no longer any Refunding Series 2011-B Bonds outstanding, any money in the Refunding Series 2011-B Debt Service Fund shall be deposited into the City's General Fund, subject to any conditions in the City's Tax Certificate for the Refunding Series 2011-B Bonds.
(D) There is hereby established in the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Series 2011-A, Excess Earnings Fund (Series 2011-A Excess Earnings Fund) for the purpose of holding money that the Treasurer finds to be earnings in excess of the yield on the Series 2011-A Bonds. The Treasurer shall deposit money from the Construction Fund and the Series 2011-A Debt Service Fund into the Series 2011-A Excess Earnings Fund in accordance with the City's Tax Certificate for the Series 2011-A Bonds. Money in the Series 2011-A 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 2011-A Bonds in accordance with the City's Tax Certificate for the Series 2011-A Bonds.
(E) There is hereby established in the Treasury of the City of Los Angeles a special fund named the General Obligation Bonds, Refunding Series 2011-B, Excess Earnings Fund (Refunding Series 2011-B Excess Earnings Fund) for the purpose of holding money that the Treasurer finds to be earnings in excess of the yield on the Refunding Series 2011-B Bonds. The Treasurer shall deposit money from the Refunding Series 2011-B Debt Service Fund into the Refunding Series 2011-B Excess Earnings Fund in accordance with the City's Tax Certificate for the Refunding Series 2011-B Bonds. Money in the Refunding Series 2011-B Excess Earnings Fund shall be used only for payments to the United States or for deposit into other funds or accounts pertaining to the Refunding Series 2011-B Bonds in accordance with the City's Tax Certificate for the Refunding Series 2011-B Bonds.
(F) Pursuant to City Charter Section 344, money in the special funds shall not be subject to reversion of the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 181,755, Eff. 7-1-11.