There is created in the Treasury of the City of Los Angeles a special fund, named the "MICLA 2016 Streetlights Accounting Fund" for the purpose of recording accounting transactions for the funds received from, and to be only used for, the refunding component of the MICLA 2016 Streetlights Financing applied to refinance costs associated with the acquisition and improvement of certain streetlights with light-emitting diode (LED) and/or high voltage conversion and other related improvements. The City Controller shall administer the MICLA 2016 Streetlights Accounting Fund. All earnings of the MICLA 2016 Streetlights Accounting Fund shall be retained in the MICLA 2016 Streetlights Accounting Fund to be used for the purposes permitted by the MICLA 2016 Streetlights Financing transaction, and the monies in the MICLA 2016 Streetlights Accounting Fund shall not revert to the Reserve Fund at the close of each fiscal year.
SECTION HISTORY
Added by Ord. No. 184,128, Eff. 3-4-16.
Renumbered from Sec. 5.162.38 to 5.162.39 by Ord. No. 184,798, Eff. 4-16-17.