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.