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ANTICIPATION NOTES AND BONDS FUNDS

Los Angeles Administrative Code div. 5, ch. 9, art. 4
in effect

Los Angeles Administrative Code § 5.167 Grant Anticipation Notes and Bonds Fund.

Sec. 5.167. Grant Anticipation Notes and Bonds Fund. (a) There is hereby created a fund within the Treasury of the City of Los Angeles known as the “Grant Anticipation Notes and Bonds Fund” and hereafter referred to in this section as the “Fund”. Said Fund shall be divided into separate accounts for each issue of grant anticipation notes or bonds, which account will be identified by the name or number of the said bond issue. Each account shall also be divided into sub-accounts as may be required by the resolution or order of the Council authorizing the issuance of such grant anticipation notes or bonds or by the note or bond indenture or agreement therefor. (b) So long as all or any portion of an issue of grant anticipation notes or bonds is outstanding the moneys in the account and sub-accounts for such issue shall be expended solely for the purposes of and in strict accordance with the resolution or order authorizing such issue of grant anticipation notes or bonds and the indenture or agreement therefor. Upon full payment of all the indebtedness created by such issue, and the retirement or cancellation of all the grant anticipation notes or bonds of a particular issue, the funds remaining in the account established for that issue shall be paid to the fund or funds which furnished the City’s share of project costs, or if no City share was paid, to the general fund, or to the funds or funds furnishing the City’s share and to the general fund in appropriate proportions. SECTION HISTORY Added by Ord. No. 157,564, Eff. 5-2-83. Amended by: In Entirety, Ord. No. 171,123, Eff. 6-19-96.

Los Angeles Administrative Code § 5.167.1 Tax and Revenue Anticipation Notes.

Sec. 5.167.1. Tax and Revenue Anticipation Notes. (a) There shall continue to be maintained in the Treasury of the City of Los Angeles in connection with the issuance of Tax and Revenue Anticipation Notes (TRAN) a special fund, named the “Tax and Revenue Anticipation Notes, Note Proceeds Fund” (Note Proceeds Fund), which special fund for accounting purposes may be used to deposit and disburse the proceeds of the sale of each issue of TRAN. The Note Proceeds Fund shall be comprised of separate funds as may be needed for each issue of TRAN and each fund shall be identified by the name or number of the corresponding TRAN issue. Money in each fund shall be invested in accordance with the resolution of the Council authorizing the issuance of the corresponding TRAN (Authorizing Resolution). Investment earnings on amounts held in each fund shall be credited to or journaled to that fund until a date specified in the Authorizing Resolution, and on and after that date, all amounts remaining, if any, in that fund shall be credited and transferred to the Debt Service Fund and applied, as a credit against the amounts required to be deposited by the City in the Debt Service Fund pursuant to the Authorizing Resolution to the payment of principal and interest due on the corresponding TRAN at their maturity. Any money remaining in a fund after the corresponding TRAN and the interest on it has been fully paid, or provision for payment has been made, including any investment earnings earned prior to the end of the related fiscal year, but not credited to the fund until after the end of the related fiscal year, shall be deposited into the General Fund of the City. Money deposited in each fund may be expended for any purpose authorized in the related Authorizing Resolution. Pursuant to the City Charter, money in the Note Proceeds Fund shall not revert to the Reserve Fund of the City. (b) There shall continue to be maintained in the Treasury of the City of Los Angeles in connection with the issuance of TRAN a special fund, named the “Tax and Revenue Anticipation Notes, Debt Service Fund” (Debt Service Fund), which special fund for accounting purposes may be used for the purpose of receiving and disbursing money required or permitted to be pledged for repayment of each issue of TRAN. The Debt Service Fund shall have separate funds as may be needed for each TRAN issue and each fund shall be identified by the name or number of the particular TRAN issue. Money in each fund shall be invested in accordance with the corresponding Authorizing Resolution. Investment earnings, if any, on each fund shall be credited to or journaled with respect to the fund until the payment of the corresponding TRAN at its maturity. Any money remaining in a fund after the corresponding TRAN and the interest on it has been fully paid, or provision for payment has been made, shall be released or transferred to the City for deposit into the General Fund of the City. Pursuant to the City Charter, money in the Debt Service Fund shall not revert to the Reserve Fund of the City. SECTION HISTORY Added by Ord. No. 171,123, Eff. 6-19-96. Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00. Repealed and New Section Added by Ord. No. 179,986, Eff. 7-1-08. Amended by: Ord. No. 183,107, Eff. 6-18-14.

Los Angeles Administrative Code § 5.167.2 1997 Tax and Revenue Anticipation Notes. SECTION HISTORY Added by Ord. No. 171,630, Eff. 6-23-97. Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00. Repealed by Ord. No. 179,986, Eff. 7-1-08

Los Angeles Administrative Code § 5.167.3 1997 Supplemental Tax and Revenue Anticipation Notes (Subordinated Obligations). SECTION HISTORY Added by Ord. No. 171,700, Eff. 9-2-97. Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00. Repealed by Ord. No. 179,986, Eff. 7-1-08

Los Angeles Administrative Code § 5.167.4 1998 Tax and Revenue Anticipation Notes. SECTION HISTORY Added by Ord. No. 172,073, Eff. 6-19-98. Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00. Repealed by Ord. No. 179,986, Eff. 7-1-08

Los Angeles Administrative Code § 5.167.5 1999 Tax and Revenue Anticipation Notes. SECTION HISTORY Added by Ord. No. 172,676, Eff. 6-30-99. Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00. Repealed by Ord. No. 179,986, Eff. 7-1-08

Los Angeles Administrative Code § 5.167.8 2002 Tax and Revenue Anticipation Notes. SECTION HISTORY Added by Ord. No. 174,651, Eff. 6-25-02. Amended by: In Entirety, Ord. No. 174,704, Eff. 7-16-02. Repealed by Ord. No. 179,986, Eff. 7-1-08

Source: City of Los Angeles, Charter and Codes (American Legal Publishing, codelibrary.amlegal.com)URL: https://codelibrary.amlegal.com/codes/los_angeles/latest/laac/0-0-0-22592Fetched: 10/24/2026

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