There is created in the Treasury of the City of Los Angeles a special fund, named the "MICLA Lease Revenue Bonds, Series 2021-C (Capital Equipment and Real Property) Accounting Fund" (Series 2021-C Accounting Fund), for the purpose of recording accounting transactions related to the Municipal Improvement Corporation of Los Angeles Lease Revenue Bonds, Series 2021-C (Capital Equipment and Real Property) (Bonds), which Bonds are to be used to retire certain maturities of commercial paper notes issued by the Municipal Improvement Corporation of Los Angeles. The proceeds of such commercial paper notes were used to finance and/or refinance the acquisition of certain items of equipment of the City and the acquisition and improvement of certain real property of the City. The City Controller shall administer the Series 2021- C Accounting Fund. Monies in the Series 2021-C Accounting Fund, if any, shall not revert to the Reserve Fund at the close of each fiscal year.
SECTION HISTORY
Added by Ord. No. 187,244, Eff. 11-4-21.