Los Angeles Municipal Code Art. 6 Improvement Assessment Revolving Trust Fund

Section 5.99 Creation of Fund. 5.100 Action by Council. 5.101 Report on Sufficiency of Funds. 5.102 Proceeds to Be Paid into the Fund. 5.103 Street Improvement Assessments. 5.103.1 Advancing Payments of Assessments Levied Against Property Owned by the City. 5.103.2 Financing Assessment Deferral. 5.104 Excess to Be Transferred to General Fund.

There is hereby created and established in the City Treasury a trust fund to be known as the “Improvement Assessment Revolving Trust

Fund”. The unexpended balances and assets of the “Sewer Assessment Purchase Revolving Fund”, created by Ordinance No. 99,534, as amended by Ordinance No. 103,597 and of the “Street Improvement Ordinance of 1941 Revolving Fund”, created by Ordinance No. 94,779, are hereby transferred to said “Improvement Assessment Revolving Trust Fund”, and the Board of Public Works is hereby authorized to cause demands to be drawn on said trust fund subject to the provisions of this article.

SECTION HISTORY

Based on Ord. No. 134,367.

The City Council may elect as authorized by Section 5135 of the Streets and Highways Code to purchase at the option of the contractor an assignment of the entire warrant, assessment and diagram for any improvement authorized by the Improvement Act of 1911 (Div. 7, Streets and Highways Code) where in the opinion of the City Engineer the bond discount may be substantially higher than for bonds of similar projects being processed at approximately the same period of time. In the event the contractor agrees to sell pursuant to the contractor’s option, only those funds available and unallocated in said herein created and established fund may be used for the purchase by the City of the assignment.

SECTION HISTORY

Based on Ord. No. 134,367.

Prior to the adoption of an ordinance of intention which contains the provision that the City Council may purchase, at the option of the contractor, an assignment of the entire warrant, assessment and diagram, the City Engineer shall determine and report to the Board of Public Works that sufficient funds are available for the said purchase. The adoption by the City Council of the said ordinance shall constitute an encumbrance of funds for this purpose.

SECTION HISTORY

Based on Ord. No. 134,367.

The proceeds arising from the City’s ownership of the warrant, assessment and diagram, including payments on the bonds issued to represent unpaid assessments, and payments of all other principal, interest, penalties and costs, shall be paid into the Improvement Assessment Revolving Trust Fund. All bonds acquired by the purchase of an assignment shall be retained by the City Treasurer and serviced by the City Treasurer for the said fund.

SECTION HISTORY

Based on Ord. No. 134,367.

At the close of each fiscal year all moneys in said “Improvement Assessment Revolving Trust Fund” in excess of $500,000 not allocated shall be transferred to the reserve fund.

SECTION HISTORY

Based on Ord. No. 134,367.