(a) There is hereby established in the Treasury of the City of Los Angeles (City) a special fund named the "Community Facilities District No. 11 (Ponte Vista) Special Tax Fund" (Tax Fund). The purpose of the Tax Fund is to receive proceeds from the special taxes levied on taxable property in the City of Los Angeles Community Facilities District No. 11 (Ponte Vista) (District) and the proceeds from any enforcement, collection activities and foreclosures related to the special tax and other deposits, from which the monies collected shall be disbursed in accordance with the terms of an Indenture, relating to bonded indebtedness to be issued for the District, to be executed by the District and the trustee, as amended from time to time, to carry out the authorized purposes of the District, as provided in the ordinance entitled "An Ordinance of Formation of City of Los Angeles Community Facilities District No. 11 (Ponte Vista), Authorizing the Levy of a Special Tax Within the Community Facilities District, and Establishing an Appropriations Limit for the Community Facilities District," adopted December 1, 2020. Any earnings received on money in the Tax Fund shall be used and disbursed in accordance with the terms of the Indenture.
(b) The Tax Fund shall be administered by the City Administrative Officer.
(c) Pursuant to City Charter Section 344, monies in the Tax Fund shall not be subject to reversion to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 187,222, Eff. 10-13-21.