Los Angeles Municipal Code Art. 8 Capital Projects Bond Reserves Fund

There is hereby established in the Treasury of the City of Los Angeles a special fund to be known as the Capital Projects Bond Reserves Fund (Fund) for the deposit of money resulting from the substitution of a surety bond in lieu of the cash in the Debt Service Reserve Fund established in the Indenture of Trust (Indenture) for the Los Angeles Convention and Exhibition Center Authority Lease Revenue Bonds, 1993 Refunding Series A, to be used for the purposes of funding capital improvement projects in the City and other expenditures permitted under the Indenture, as may be approved by the Council with the approval of the Mayor. The Fund shall be administered by the Board of Public Works. All interest earnings accruing on money in the Fund shall be credited to the Fund to be used for its purposes. Money in the Fund shall not revert to the Reserve Fund of the City.

SECTION HISTORY

Article and Section Added by Ord. No. 178,943, Eff. 8-11-07.

Amended by: Ord. No. 180,432, Eff. 2-8-09.

ARTICLE 9

LEGAL FEES REIMBURSEMENT SPECIAL FUND

Section

(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the “Legal Fees Reimbursement Special Fund” (Fund).

(b) The purpose of the Fund shall be the receipt, retention and disbursement of funds, paid to the City by the recipients of private project approvals in fulfillment of the obligation to defend and indemnify the City in the event of litigation challenging the approvals. The funds shall be used to pay the City’s legal defense costs, fees and/or any monetary judgments rendered against the City.

(c) The Fund shall be administered by the City Attorney, or the City Attorney’s successor and/or designee(s) (City Attorney), in

accordance with established City practices.

(d) The City Attorney is empowered to authorize the return of unused funds to the party from whom the funds were originally received, or that party’s successor and/or designee.

(e) Disbursement of funds requires the approval of the City Attorney.

(f) The City Attorney shall inform the Controller of any special condition or restriction imposed upon any monies accepted for deposit in the Fund.

(g) The City Attorney is authorized to establish procedures to carry out the provisions of this Article.

(h) Monies not expended from the Fund at the close of any fiscal year shall not revert to the Reserve Fund, but shall remain in the Fund.

(i) All interest and other earnings attributable to monies in the Fund or to any of the separate accounts within the Fund shall be credited to the Fund or to the account to which it is attributable and shall be devoted to the purposes of the Fund.

(j) The City Attorney shall maintain appropriate accounting records of the actual costs of the services rendered pursuant to the Fund. The City Attorney shall report to the City Council regarding and identifying all receipts into, and all expenditures out of, the Fund, as well as the purpose for which the expenditures were made. Each report shall cover a fiscal year and shall be submitted within 90 days after the close of that fiscal year.

SECTION HISTORY

Article and Section Added by Ord. No. 183,480, Eff. 4-12-15.