PROCEDURES FOR SALE OF GENERAL OBLIGATION BONDS
Los Angeles Administrative Code div. 11, ch. 1, art. 5
in effectLos Angeles Administrative Code § 11.21 Plan for Expenditure of Bond Proceeds.
Sec. 11.21. Plan for Expenditure of Bond Proceeds.
Whenever the people of the City of Los Angeles have authorized the issuance of general obligation bonds for any “municipal improvement” as authorized under Article 1, Chapter 4, Division 4, Title 4 of the California Government Code or for any acquisition or improvement of real property pursuant to California Constitution Article XIIIA, Section 1(b):
1. The Council may in its discretion order the board or officer, which by the terms of the Charter or by ordinance not in conflict therewith, will have superintendence and control over such municipal improvement or over the acquisition or improvement of such real property, to submit a plan for expenditure of the proceeds of the bonds, when sold; or
2. The Board or officer, which by the Charter or by ordinance not in conflict therewith, will have superintendence and control over such municipal improvement or over the acquisition or improvement of such real property, may, with the approval of the Mayor, submit to the Council a request for the sale of the bonds or any specified portion thereof together with a plan for expenditure of the bond proceeds; or
3. The Director of the Office of Administrative and Research Services, with the approval of the Mayor, may submit to the Council, with the assistance of the boards or officers which will have superintendence and control over such municipal improvements or over the acquisition or improvement of such real property, a request for the sale of the bonds or any specified portion thereof, accompanied by a plan for expenditure of the bond proceeds, together with the study and report of the Director of the Office of Administrative and Research Services.
SECTION HISTORY
Based on Ord. No. 132,005.
Repealed and re-added by Ord. No. 165,841, Eff. 5-28-90.
Amended by: Ord. No. 173,306, Eff. 6-30-00, Oper. 7-1-00.
Los Angeles Administrative Code § 11.22 Study and Report of the Director of the Office of Administrative and Research Services.
Sec. 11.22. Study and Report of the Director of the Office of Administrative and Research Services.
Prior to adoption of a plan for expenditure the Council shall consider the study and report of the Director of the Office of Administrative and Research Services on such plan. In preparing the study and report the Director of the Office of Administrative and Research Services shall consult with the Mayor, the City Attorney, the Controller, and the Treasurer as to the most advantageous sale date, maturities, from the bonds and other matters necessary to be included in a notice inviting bids and other bond documents needed for the sale of the bonds.
SECTION HISTORY
Based on Ord. No. 132,005.
Repealed and re-added by Ord. No. 165,841, Eff. 5-28-90.
Amended by: Sec. Title and Sec., Ord. No. 173,306, Eff. 6-30-00, Oper. 7-1-00.
Los Angeles Administrative Code § 11.23 Council Approvals Authorizing Sale of Bonds.
Sec. 11.23. Council Approvals Authorizing Sale of Bonds.
At any time after the Council approves any plan for expenditure as submitted or as modified by the Council, the Council may approve in substantially final form a notice inviting bids and authorize its publication, authorize the release of an official statement in substantially final form for the sale of bonds, and also approve in substantially final form any documents necessary for or related to the sale of the bonds.
SECTION HISTORY
Based on Ord. No. 132,005.
Repealed and re-added by Ord. No. 165,841, Eff. 5-28-90.
Los Angeles Administrative Code § 11.24 Bids.
Sec. 11.24. Bids.
If responsive bids are received, the bonds offered for sale shall be awarded to the lowest responsible bidder. If no bids are received, or if the Council determines that the bids are not satisfactory as to price or responsibility of the bidders, the Council may reject all bids received and either re-advertise or sell the bonds at private sale.
SECTION HISTORY
Based on Ord. No. 132,005.
Amended by: Repealed and Re-added by Ord. No. 165,841, Eff. 5-28-90.
Los Angeles Administrative Code § 11.25 Control over Expenditure of Funds.
Sec. 11.25. Control over Expenditure of Funds.
Whenever any general obligation bonds are sold and the proceeds are deposited in the City Treasury, the department which by the Charter or by ordinance not in conflict therewith will have superintendence and control over design and construction of the municipal improvement or over the acquisition or improvement of the real property or over any other purpose for which the bonds were issued shall have control of the expenditure of the bond proceeds, unless otherwise provided by the Council, and shall cause the bond proceeds to be expended for the purposes and objects for which the bonds were issued. The bond proceeds shall be expended in the same manner as provided in the Charter for the payment of other funds from the City Treasury, in accordance with applicable Federal and State laws, and in accordance with the plan for expenditure as approved by the Council or as subsequently modified by the Council.
SECTION HISTORY
Based on Ord. No. 132,005.
Amended by: Ord. No. 132,341; Repealed and re-added by Ord. No. 165,841, Eff. 5-28-90.
Los Angeles Administrative Code § 11.26 Effect of Provisions of Article on Validity of Sale of Bonds.
Sec. 11.26. Effect of Provisions of Article on Validity of Sale of Bonds.
The provisions of this article are directory only and any failure to comply with its provisions or any departure from it shall not affect the validity of any sale of general obligation bonds or the indebtedness or obligation of the City of Los Angeles.
SECTION HISTORY
Based on Ord. No. 132,005.
Repealed and re-added by Ord. No. 165,841, Eff. 5-28-90.
Source: City of Los Angeles, Charter and Codes (American Legal Publishing, codelibrary.amlegal.com)URL: https://codelibrary.amlegal.com/codes/los_angeles/latest/laac/0-0-0-40853Fetched: 10/24/2026