GRANT ANTICIPATION NOTES AND BONDS

Los Angeles Administrative Code div. 14, ch. 2

in effect

Los Angeles Administrative Code § 14.20 Authority.

Sec. 14.20. Authority. Whenever the provisions of any Federal or State statute authority is granted to issue notes or bonds or otherwise incur indebtedness secured by a right to receive funds in the future from any grant or offer of financial assistance from a Federal, State, or local entity or agency, or from any private person or corporation, or the City desires to issue such notes or bonds on the authority of its Charter the issuance of such notes or bonds or the incurring of such indebtedness shall be governed by this chapter. SECTION HISTORY Added by Ord. No. 157,564, Eff. 5-2-83.

Los Angeles Administrative Code § 14.21 Conflict with Other Law.

Sec. 14.21. Conflict with Other Law. Whenever Federal or State statutory authority, or regulations promulgated to implement same, to issue notes or bonds or incur indebtedness secured by grant or offer of financial assistance provides a procedure which is in conflict with any provision of this chapter, the provisions of the Federal or State statute or regulation shall prevail over any procedure specified in this chapter, provided, however, whenever possible, the procedures of both the Federal and State statute or regulation and of this chapter shall be followed. SECTION HISTORY Added by Ord. No. 157,564, Eff. 5-2-83.

Los Angeles Administrative Code § 14.22 Order or Resolution.

Sec. 14.22. Order or Resolution. Such bonds or notes shall be issued only after the Council of the City of Los Angeles has by order or resolution authorized the issuance thereof, and the Mayor has approved the order or resolution. The order or resolution shall state, among such other matters as may be necessary or desirable: (1) The statutory authority, if any, under which the bonds or notes are issued. (2) The grants or prospective grants which will be the source of funds for repayment of notes or bonds. (3) The total amount of the notes or bonds to be issued to be secured by such grants or prospective grants; the identifying name or number of the issue, the maximum rate of interest payable; the term or maturity date, or the maturity dates if there are more than one, of the notes or bonds; and whether or not the notes or bonds are callable prior to maturity and if so, the premium, if any, payable upon such call. (4) Whether the notes or bonds will be sold by competitive bids to the bidder offering the lowest net rate of interest or by negotiation, and if sold by negotiation, a short statement of the matter in which requirements of Los Angeles City Charter Section 372 have been met. (5) That the notes or bonds are to be executed in the manner set forth in Section 14.23 hereof and are to be in the form of the sample instrument which is attached to the Council File approving such issuance. SECTION HISTORY Added by Ord. No. 157,564, Eff. 5-2-83. Amended by: Subsec. (4), Ord. No. 173,282, Eff. 6-26-00, Oper. 7-1-00.

Los Angeles Administrative Code § 14.23 Execution.

Sec. 14.23. Execution. The approval of the Mayor endorsed upon the order or resolution authorizing the issuance of the notes or bonds shall be sufficient. However, if it is necessary that any agreement be entered into by the City prior to the issuance of the notes or bonds, the Mayor is further authorized to execute such agreements on behalf of the City. The Treasurer of the City of Los Angeles is authorized and directed to sign, either manually or by facsimile, as may be appropriate, each note or bond, and any coupons attached thereto, as may be necessary. SECTION HISTORY Added by Ord. No. 157,564, Eff. 5-2-83.

Los Angeles Administrative Code § 14.24 Deposit of Proceeds.

Sec. 14.24. Deposit of Proceeds. All note or bond proceeds shall be deposited in various accounts to be maintained in the Grant Anticipation Notes and Bonds Fund established pursuant to Article 4 of Chapter 9 of Division 5 of this Code commencing with Section 5.167. The proceeds of each issue shall be placed in a separate and appropriate account established within such fund. Each account may be divided into sub-accounts as necessary for the proper administration and expenditure of the proceeds of the issue. The use of the funds in each of such accounts and sub-accounts and the disbursements therefrom shall be strictly in accordance with the note or bond order or resolution authorizing the issuance of such notes or bonds and/or the agreements entered into by the City of Los Angeles to secure the repayment of such notes or bonds. SECTION HISTORY Added by Ord. No. 157,564, Eff. 5-2-83.

Source: City of Los Angeles, Charter and Codes (American Legal Publishing, codelibrary.amlegal.com)URL: https://codelibrary.amlegal.com/codes/los_angeles/latest/laac/0-0-0-43958Fetched: 10/24/2026