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.