(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-B (Tax-Exempt) Debt Service Fund" (Series 2018-B Debt Service Fund) for the purposes of payment of principal, premium, if any, and interest on the General Obligation Refunding Bonds, Series 2018-B (Tax-Exempt) (Refunding Series 2018-B (Tax-Exempt) Bonds). The accrued interest, if any, received by the City from the sale of Refunding Series 2018-B (Tax-Exempt) Bonds and all money from the collection of property taxes for the Refunding Series 2018-B (Tax-Exempt) Bonds shall be deposited into Series 2018-B Debt Service Fund. The Series 2018-B Debt Service Fund shall retain all of its earnings until they are expended for debt service or until the Treasurer directs that some or all of the earnings be deposited in the Series 2018-B Excess Earnings Fund in accordance with the City's Tax Certificate for Refunding Series 2018-B (Tax-Exempt) Bonds. When there are no longer any Refunding Series 2018-B (Tax-Exempt) Bonds outstanding, any money in the Series 2018-B Debt Service Fund shall be deposited into the City's General Fund, subject to any conditions in the City's Tax Certificate for the Refunding Series 2018-B (Tax-Exempt) Bonds.
(B) There is hereby established in the Treasury of the City a special fund named the "General Obligation Refunding Bonds, Series 2018-B (Tax-Exempt) Excess Earnings Fund" (Series 2018-B Excess Earnings Fund) for the purpose of holding money that the Treasurer finds to be earnings in excess of the yield on the Refunding Series 2018-B (Tax-Exempt) Bonds. The Treasurer shall deposit money from the Series 2018-B Debt Service Fund, in accordance with the applicable Tax Certificate, to the Series 2018-B Excess Earnings Fund. Money in the Series 2018-B Excess Earnings Fund shall be used only for payments to the United States or for deposit into other funds or accounts pertaining to the Refunding Series 2018-B (Tax-Exempt) Bonds, subject to any conditions in the City's Tax Certificate for the Refunding Series 2018-B (Tax-Exempt) Bonds.
(C) 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.