(A) There is hereby established in the Treasury of the City of Los Angeles (City) for the purpose of receiving money from the sale of the City of Los Angeles General Obligation Bonds, Series 2022-A (Taxable) (Social Bonds) (Series 2022-A Bonds), the "General Obligation Bonds, Series 2022-A (Taxable) Proposition HHH Construction Fund" (Series 2022-A Construction Fund). Accounts and subaccounts may be established within the Series 2022-A Construction Fund as deemed necessary or desirable, and references herein to the Series 2022-A Construction Fund include any accounts and subaccounts that may be established therein. No expenditures may be made from the Series 2022-A Construction Fund except to provide housing and facilities projects, as further described in Proposition HHH and as authorized by over two-thirds of all of the qualified voters at the special election on November 8, 2016 (Prop HHH Projects). When all Prop HHH Projects related to the Series 2022-A Bonds are completed, any money remaining in the Series 2022-A Construction Fund shall be deposited into the Series 2022-A Debt Service Fund, subject to any conditions in the City's resolution authorizing the issuance of the Series 2022-A Bonds. All the earnings of the Series 2022-A Construction Fund shall be retained therein until expended for the contemplated purposes herein or until the Treasurer directs that some or all of the earnings be deposited into the Series 2022-A Debt Service Fund, subject to any conditions in the City's resolution authorizing the issuance of the Series 2022-A Bonds.
(B) There is hereby established in the Treasury of the City a special fund named the "General Obligation Bonds, Series 2022-A (Taxable) Debt Service Fund" (Series 2022-A Debt Service Fund), for the purposes of payment of principal, premium, if any, and interest on the Series 2022-A Bonds. The accrued interest, if any, received by the City from the sale of the Series 2022-A Bonds and all money from the collection of property taxes for the Series 2022-A Bonds shall be deposited into the Series 2022-A Debt Service Fund. The Series 2022-A Debt Service Fund shall retain all of its earnings until they are expended for debt service on the Series 2022-A Bonds. When there are no longer any Series 2022-A Bonds outstanding, any money in the Series 2022-A 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 Series 2022-A Bonds.
(C) Pursuant to City Charter Section 344, money in the special funds described herein shall not be subject to reversion to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 187,615, Eff. 9-12-22.