(A) There is hereby established in the Treasury of the City of Los Angeles (City) a special fund named the "General Obligation Refunding Bonds, Series 2018-C (Taxable) Debt Service Fund" (Series 2018-C Debt Service Fund) for the purposes of payment of principal, premium, if any, and interest on the General Obligation Refunding Bonds, Series 2018-C (Taxable) (Refunding Series 2018-C (Taxable) Bonds). The accrued interest, if any, received by the City from the sale of Refunding Series 2018-C (Taxable) Bonds and all money from the collection of property taxes for the Refunding Series 2018-C (Taxable) Bonds shall be deposited into Series 2018-C Debt Service Fund. The Series 2018-C Debt Service Fund shall retain all of its earnings until they are expended for debt service. When there are no longer any Refunding Series 2018-C (Taxable) Bonds outstanding, any money in the Series 2018-C Debt Service Fund shall be deposited into the City's General Fund, subject to any conditions in the City's resolution authorizing the issuance of the Refunding Series 2018-C (Taxable) Bonds.
(B) Pursuant to City Charter Section 344, money in the special funds shall not be subject to reversion to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 185,602, Eff. 6-13-18.