Approval of Financing Documents.
Los Angeles Administrative Code § 11.28.5
in effectSec. 11.28.5. Approval of Financing Documents.
Subject to the other provisions of this Article 6.5 of the Administrative Code and the provisions of Section 609 of the Charter, the Board may issue Revenue Bonds upon such terms and conditions as shall be acceptable to the Board. The Board shall approve the principal financing documents related to the Revenue Bonds including, but not limited to, trust agreements, indentures, offering documents, loan agreements, notices inviting bids, bond purchase agreements, bond insurance documents (including, but not limited to, reimbursement agreements and financial guaranty agreements relating to letters of credit, bond insurance and surety bonds) and interest rate swap agreements (collectively, the “financing documents”) in substantial form containing such terms and provisions as shall be acceptable to the Board. In connection with, or incidental to, the issuance or carrying of Revenue Bonds, a Department may enter into credit enhancement or liquidity agreements with payment, interest rate, security, default, remedy and other terms and conditions as shall be approved by the Board of such Department and any payments under such credit enhancement or liquidity agreement shall be payable from such source of funds as shall be approved by the Board of such Department. The resolution or other action may authorize the officers and staff of the Department to execute and deliver for and on behalf of the Department other documents, instruments and certificates necessary or desirable for the sale and delivery of the Revenue Bonds so long as such documents, instruments and certificates are consistent with the terms and conditions established by the Board. The resolution or other action of the Board approving such financing documents (if the approvals of such financing documents were not included in the resolution described in Section 11.28.1 of this Administrative Code or in a resolution approved pursuant to Section 11.28.4(a) of this Administrative Code) shall be subject to Council oversight pursuant to the provisions of Section 245 of the Charter.
SECTION HISTORY
Added by Ord. No. 172,353, Eff. 1-30-99.
Amended by: Ord. No. 173,234, Eff. 6-19-00, Oper. 7-1-00; Ord. No. 173,306, Eff. 6-30-00, Oper. 7-1-00.
Source: City of Los Angeles, Charter and Codes (American Legal Publishing, codelibrary.amlegal.com)URL: https://codelibrary.amlegal.com/codes/los_angeles/latest/laac/0-0-0-41753Fetched: 10/24/2026