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§ 11.27.20.1 — Resolution Authorizing Bonded Indebtedness

Los Angeles Municipal Code (2026 Rev. 9, current through legislation effective June 30, 2026) · Los Angeles Administrative Code § 11.27.20.1

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Sec. 11.27.20.1. Resolution Authorizing Bonded Indebtedness.

Whenever the Council deems it necessary for the City to incur a bonded indebtedness to fund all or any portion of the acquisition and/or construction of public off-street parking facilities, it shall by resolution: (a) State that it deems it necessary to incur the bonded indebtedness and authorized the issuance of Bonds. (b) Specify the amount of the debt to be incurred. (c) State the maximum term of the Bonds to be issued, which term shall not exceed 30 years. (d) Specify the maximum rate of interest which the Bonds shall bear. (e) Provide for the issuance of the Bonds pursuant to a master indenture and a supplemental indenture. The indentures shall, among other things, prescribe the form of the Bonds and the time and place for payment of the principal and interest on the Bonds, and may provide for the redemption of the Bonds issued under this article before maturity at determined prices. SECTION HISTORY Added by Ord. No. 172,282, Eff. 12-14-98.