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There is created in the Treasury of the City of Los Angeles a special fund, named the “MICLA Lease Revenue Bonds, Series 2016-B (Real Property) Accounting Fund” (Series 2016-B Accounting Fund) for the purpose of recording accounting transactions for the MICLA Lease Revenue Bonds, Series 2016-B (Real Property) to retire certain maturities of commercial paper issued by MICLA and to refund certain lease revenue bonds issued by MICLA, the proceeds of which were used to finance the acquisition, construction and/or improvement of certain real property of the City. The City Controller shall administer the Series 2016-B Accounting Fund. All earnings of the Series 2016-B Accounting Fund shall be retained in the Series 2016-B Accounting Fund to be used for the purposes permitted by the MICLA Lease Revenue Bonds, Series 2016-B (Real Property) transaction, and the monies in the Series 2016-B Accounting Fund shall not revert to the Reserve Fund at the close of each fiscal year.
SECTION HISTORY
Added by Ord. No. 184,181, Eff. 5-9-16.
There is created in the Treasury of the City of Los Angeles a special fund, named the “MICLA Lease Revenue Bonds, Series 2016-B (Real Property) Construction Fund” (Series 2016-B Construction Fund) for the purpose of receiving and expending a portion of the money received from the sale of the MICLA Lease Revenue Bonds, Series 2016-B (Real Property). Money in the Series 2016-B Construction Fund shall be used solely to finance and refinance the costs of the acquisition, construction and/or improvement of certain real property. No money shall be released from the Series 2016-B Construction Fund except as set forth below and in accordance with the tax certificate for the MICLA Lease Revenue Bonds, Series 2016-A (Capital Equipment) and MICLA Lease Revenue Bonds, Series 2016-B (Real Property). All earnings by the Series 2016-B Construction Fund shall be retained in the Series 2016-B Construction Fund to be used for the purposes permitted by the MICLA Lease Revenue Bonds, Series 2016-B (Real Property) transaction and the related tax certificate. Any money remaining in the Series 2016-B Construction Fund after financing and refinancing the acquisition, construction and/or improvement of the real property described herein shall be transferred to the debt service fund for the MICLA Lease Revenue Bonds, Series 2016-B (Real Property).
SECTION HISTORY
Added by Ord. No. 184,181, Eff. 5-9-16.
There is created in the Treasury of the City of Los Angeles a special fund, named the “MICLA 2017 Streetlights Construction Fund” for the purpose of receiving and expending the new money received from the MICLA 2017 Streetlights Financing and which new money shall be used solely for the acquisition and installation of new street lights with light-emitting diode (LED) and/or high voltage conversion and related improvements. Money in the MICLA 2017 Streetlights Construction Fund shall be used only to finance costs associated with the acquisition and installation of such streetlights and related improvements referenced herein, and no money shall be released from the MICLA 2017 Streetlights Construction Fund except in accordance with the tax certificate for the MICLA 2017 Streetlights Financing. All earnings by the MICLA 2017 Streetlights Construction Fund shall be retained by the MICLA 2017 Streetlights Construction Fund to be used for the purposes permitted by the MICLA 2017 Streetlights Financing transaction and the related tax certificate.
SECTION HISTORY
Added by Ord. No. 184,798, Eff. 4-16-17.
There is created in the Treasury of the City of Los Angeles a special fund, named the “MICLA Lease Revenue Bonds, Series 2018-A (Capital Equipment) Accounting Fund” (Series 2018-A Accounting Fund) for the purpose of recording accounting transactions for the funds received from, and to be only used to retire certain maturities of commercial paper issued by MICLA, the proceeds of which were used to finance the acquisition of certain items of equipment of the City. The City Controller shall administer the Series 2018-A Accounting Fund. All earnings of the Series 2018-A Accounting Fund shall be retained in the Series 2018-A Accounting Fund to be used for the purposes permitted by the MICLA Lease Revenue Bonds, Series 2018-A (Capital Equipment) and Series 2018-B (Real Property) transaction, and the monies in the Series 2018-A Accounting Fund shall not revert to the Reserve Fund at the close of each fiscal year.
SECTION HISTORY
Added by Ord. No. 185,335, Eff. 12-15-17.
There is created in the Treasury of the City of Los Angeles a special fund, named the “MICLA Lease Revenue Bonds, Series 2018-B (Real Property) Accounting Fund” (Series 2018-B Accounting Fund) for the purpose of recording accounting transactions for the funds received from, and to be only used to retire certain maturities of commercial paper issued by MICLA and to refund certain lease revenue bonds issued by MICLA, the proceeds of which were used to finance or refinance the acquisition and improvement of certain real property of the City. The City Controller shall administer the Series 2018-B Accounting Fund. All earnings of the Series 2018-B Accounting Fund shall be retained in the Series 2018-B Accounting Fund to be used for the purposes permitted by the MICLA Lease Revenue Bonds, Series 2018-A (Capital Equipment) and Series 2018-B (Real Property) transaction, and the monies in the Series 2018-B Accounting Fund shall not revert to the Reserve Fund at the close of each fiscal year.
SECTION HISTORY
Added by Ord. No. 185,335, Eff. 12-15-17.
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