(A) There is hereby established in the Treasury of the City of Los Angeles a special fund named the "General Obligation Refunding Bonds, Series 2016-A (Taxable), Debt Service Fund" (Refunding Series 2016-A Debt Service Fund) for the purposes of payment of principal, premium, if any, and interest on the General Obligation Refunding Bonds, Series 2016-A (Taxable), 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 General Obligation Refunding Bonds, Series 2016-A (Taxable) and all money from the collection of property taxes for the General Obligation Refunding Bonds, Series 2016-A (Taxable) shall be deposited into the Refunding Series 2016-A Debt Service Fund. The Refunding Series 2016-A Debt Service Fund shall retain all of its earning until they are expended for debt service in accordance with the City's resolution authorizing the issuance of the General Obligation Refunding Bonds, Series 2016-A (Taxable). When there are no longer any General Obligation Refunding Bonds, Series 2016-A (Taxable) outstanding, any money in the Refunding Series 2016-A Debt Service Fund shall be deposited into the City's General Fund, subject to any conditions in the City's resolution authorizing the issuance of the General Obligation Refunding Bonds, Series 2016-A (Taxable).
(B) Pursuant to City Charter Section 344, money in the Refunding Series 2016-A Debt Service Fund shall not be subject to reversion to the Reserve Fund of the City at the close of each fiscal year.
SECTION HISTORY
Added by Ord. No. 184,602, Eff. 12-12-16.