City Council

(3) 23-1006 BUDGET, FINANCE AND INNOVATION COMMITTEE REPORT, RESOLUTION, and ORDINANCES FIRST CONSIDERATION relative to the proposed issuance of the Municipal Improvement Corporation of Los Angeles (MICLA) Lease Revenue Bonds, Series 2021-C (Capital Equipment and Real Property). Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: ADOPT the accompanying Authorizing RESOLUTION, attached to the Council file, which authorizes the issuance and sale in a principal amount up to $210 million of MICLA Lease Revenue Bonds, Series 2023-A (Capital Equipment and Real Property) (Bonds) to be sold on a negotiated basis, and authorizes the execution and delivery of various bond documents in connection with the issuance and sale of the Bonds, and the execution and delivery of an Omnibus Lease Amendment relating to existing MICLA equipment leases PRESENT and ADOPT the accompanying Fund ORDINANCE, dated September 14, 2023, attached to the Council file, adding a new Section 5.162.54 to the Los Angeles Administrative Code to create a special fund for the lease financing referred to herein as the MICLA Lease Revenue Bonds, Series 2023-A (Capital Equipment and Real Property) (Bonds) to record certain accounting transactions related to the Bonds. PRESENT and ADOPT the accompanying Lease/Leaseback ORDINANCE, dated September 14, 2023, attached to the Council file, providing for the issuance of lease revenue bonds by the MICLA, which are being issued to retire certain commercial paper notes issued by MICLA, by approving the lease and leaseback of certain real properties by and between the City of Los Angeles and MICLA. REQUEST the Controller to create an account in the Capital Finance Administration Fund (Fund No. 100/53) that will be used to pay for future lease payments entitled “MICLA 2023-A (Capital Equipment and Real Property)”. AUTHORIZE the City Administrative Officer (CAO) to make technical corrections and adjustments as necessary to those transactions included in this report to implement the Mayor and Council intentions.