Los Angeles Municipal Code Art. 9 Bonded Debt Indemnification Fund

There is hereby created in the City Treasury a fund to be known as the Bonded Debt Indemnification Fund. The fund is established for the redemption of any bond, or coupon therefrom, of the City of Los Angeles, including bonds issued by an independent department of the City, whenever such bond or coupon is presented for payment and, either the fund established for the redemption thereof is closed upon the date of presentation for payment or, if active, contains insufficient monies to provide for such redemption. The authority of the Treasurer, pursuant to Charter Section 265, to pay any bond or coupon presented under conditions described in this section shall be the same as the authority of said officer with respect to payments from the particular bond principal and interest fund originally established for such payment.

SECTION HISTORY

Added by Ord. No. 152,099, Eff. 4-23-79. Amended by: Ord. No. 173,306, Eff. 6-30-00, Oper. 7-1-00.

All monies remaining in any fund used for the payment of principal and/or interest on bonds that have been fully matured are hereby transferred to the Bonded Debt Indemnification Fund. Any monies remaining in the Fund that have been fully matured for a period of three years and on which no claim for payment has been made, shall be transferred to the City’s General Fund and shall become the property of the City of Los Angeles in conformity with the procedures and notice requirements set forth in Government Code Section 50050, et al., or its successor.

SECTION HISTORY

Added by Ord. No. 152,099, Eff. 4-23-79. Amended by: In Entirety, Ord. No. 175,132, Eff. 5-4-03, Oper. 1-1-02.