There is created in the Treasury of the City of Los Angeles a special fund, named the "MICLA Lease Revenue Bonds, Series 2020-B (Real Property) Accounting Fund" (Series 2020-B Accounting Fund) for the purpose of recording accounting transactions for the MICLA Lease Revenue Bonds, Series 2020-B (Real Property), which Bonds are to be used to retire certain maturities of commercial paper notes issued by MICLA to finance and refinance the acquisition and improvement of certain real property of the City. The City Controller shall administer the Series 2020-B Accounting Fund. Any monies in the Series 2020-B Accounting Fund, if any, shall not revert to the Reserve Fund at the close of each fiscal year.
SECTION HISTORY
Added by Ord. No. 186,694, Eff. 8-8-20.