City Council

(22)\n15-1207-S3\nCD 9\nORDINANCES SECOND CONSIDERATION relative to the issuance of\nMunicipal Improvement Corporation of Los Angeles (MICLA)\nLease Revenue Bonds, approving the lease and sublease of certain\nreal properties by the City, paying principal of and interest on\nthe\nBonds;\nand,\ncreating\nspecial\nfunds\nin\nthe\nLos\nAngeles Administrative Code (LAAC) to receive, invest, and expend\nproceeds of said Bonds and record related accounting transactions.\nRecommendations for Council action, SUBJECT TO THE APPROVAL\nOF THE MAYOR:\n1. PRESENT and ADOPT the accompanying ORDINANCE, dated\nSeptember 23, 2025, adding Sections 5.162.55 and 5.162.56 to\nArticle 2.5 of Chapter 9 of Division 5 of the LAAC to create\nspecial funds for the lease revenue bonds to be issued by the\nMICLA, in one or more series, preliminarily named the\nMunicipal Improvement Corporation of Los Angeles Lease\nRevenue Bonds, Series 2025-A (Los Angeles Convention\nCenter) and Lease Revenue Bonds, Series 2025-B (Los\nAngeles Convention Center) (Federally Taxable) (Bonds), with\nsuch additional series and subseries designations as\ndetermined by the City of Los Angeles, to receive and expend\nproceeds of the Bonds and record certain accounting\ntransactions related to the Bonds.\n2. PRESENT and ADOPT the accompanying ORDINANCE, dated\nSeptember 23, 2025, approving the lease and leaseback of\ncertain real properties by and between the City of Los Angeles\nand the MICLA in connection with the issuance of lease\nrevenue bonds by MICLA, to be issued to finance and refinance\nthe costs of the expansion and modernization of,\nand improvements to, the Los Angeles Convention Center\n(Project), including retiring certain commercial paper notes\nissued by MICLA to finance costs of the Project.