There is created in the Treasury of the City of Los Angeles a special fund, named the "MICLA 2016 Streetlights Construction Fund" for the purpose of receiving and expending the new money received from the MICLA 2016 Streetlights Financing and which new money shall be used solely for the acquisition and installation of certain streetlights with light-emitting diode (LED) and/or high voltage conversion and related improvements. Money in the MICLA 2016 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 2016 Streetlights Construction Fund except in accordance with the tax certificate for the MICLA 2016 Streetlights Financing. All earnings by the MICLA 2016 Streetlights Construction Fund shall be retained by the MICLA 2016 Streetlights Construction Fund to be used for the purposes permitted by the MICLA 2016 Streetlights Financing transaction and the related tax certificate.
SECTION HISTORY
Added by Ord. No. 184,128, Eff. 3-4-16.
Renumbered from Sec. 5.162.39 to 5.162.40 by Ord. No. 184,798, Eff. 4-16-17.