Detail of department programs

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Amount

% Change

2016-17 Adopted Budget

1,332,032

2017-18 Proposed Budget

1,627,767

Change from 2016-17 Budget

295,735

22.2%

The Business Improvement District Trust Fund was established by Mayor and Council (C.F. 96-0482) to provide

seed money for the formation of Business Improvement Districts (BIDs), to pay assessments on City-owned

properties within the boundaries of active BIDs, and any relevant General Benefits as outlined in the Management

District Plan. The seed money is used to retain consultants who work on behalf of new or renewing BIDs

to conduct feasibility studies and perform other activities related to BID formation. The City’s BID policy allows up

to $75,000 to be made available in the form of a grant for feasibility studies. There are currently 42 established

BIDs and nine BIDs in some stage of formation. Funding in the amount of $444,070 is included in the

Unappropriated Balance for potential assessments on properties owned by the successor agency,

Community Redevelopment Agency/Los Angeles – Designated Local Authority, for which the City’s liability for the

BID assessments is under discussion. An additional one-time appropriation of $100,000 is included for the

purchase of trash liners for BIDs.

786

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787

CAPITAL FINANCE ADMINISTRATION FUND

BASIS FOR THE PROPOSED BUDGET

The 2017-18 Proposed Budget for the Capital Finance Administration (CFA) Fund relates to current year funding

as follows:

Amount

% Change

2016-17 Adopted Budget

230,140,425

2017-18 Proposed Budget

242,643,420

Change from 2016-17 Budget

12,502,995

5.43%

The CFA Fund is a special purpose fund established to consolidate non-general obligation bond, long-term City

debt financing program expenditures. These financing programs mostly use a lease or "lease purchase" paid

from General Fund appropriations and the sale of public securities (either lease revenue bonds or certificates of

participation) to acquire various facilities and capital equipment items for use by City departments.

The CFA Fund is administered by the City Administrative Officer. Budgeted within the CFA Fund are the lease

payments required by each financing's lease and trust indenture, as well as any trustee fees or other

administrative expenses required under the terms of the financing. All unencumbered balances remaining at the

end of the fiscal year revert to the Reserve Fund. All items within this budget are obligatory, as they are a

requirement of the respective leases and trust indentures. The financings were primarily issued through the

Municipal Improvement Corporation of Los Angeles (MICLA).

The Proposed Budget reflects:

In June 2016, the MICLA Lease Revenue Bonds, Series 2006-A (Police Headquarters/ Public Works

Building), 2007-B (Figueroa Plaza), 2008-A (Capital Equipment), 2008-B (Real Property), 2009-B (Real

Property), and 2009-E (Real Property) were fully refunded. This refunding resulted in $131 million in net

present value savings to the General Fund over the life of the bonds. The lease payments are now

reflected as MICLA 2016-A and MICLA 2016-B, Item Nos. 27 through 31 on the following page.

In April 2017, the City completed a private placement (direct loan) of $39.3 million in MICLA Street

Lighting, Series 2017 to finance improvements to the City’s street lighting system (Item No. 32). The loan

will be repaid from the Street Lighting Maintenance Assessment Fund (SLMAF).

In Fiscal Year 2017-18, the CAO will execute a lease financing of approximately $25 million over five

years for the purchase of police vehicles, including a minimum of 180 Black and White vehicles, 34

motorcycles, 152 undercover vehicles, and 130 other emergency vehicles that have met or exceeded the

extended replacement criteria. The 2017-18 debt service for this financing ($5.1 million) is reflected as

Item Number 36, Police Vehicles Financing.

788

Capital Finance Administration Fund

Adopted

Proposed

2016-17

2017-18

2018-19

2019-20

2020-21

2021-22

2022-23

1) MICLA AK (Kodak Theatre 1999)

3,611,875

3,611,388

3,608,288

3,612,213

3,612,075

3,607,513

3,608,163

2) MICLA AS (Pershing Square Refunding 2002)

528,031

522,963

526,375

528,000

523,500

225,500

3) MICLA 2006-A (Police Headquarters Facility)

22,573,540

--

--

4) MICLA 2006-A (Public Works Building)

6,019,710

5) MICLA 2007-B (Figueroa Plaza)

13,796,406

--

--

6) MICLA 2008-A (Capital Equipment)

8,651,033

7) MICLA 2008-B (Real Property)

2,763,705

--

--

8) MICLA 2009-A (Capital Equipment)

7,329,813

7,330,063

7,267,513

9) MICLA 2009-B (Real Property)

3,495,088

--

--

10) MICLA 2009-C (Capital Equipment)

4,868,000

4,862,900

4,867,700

4,867,100

11) MICLA 2009-D (Recovery Zone Econ. Dev. Bonds)

1,888,303

1,872,313

1,860,188

1,846,764

1,828,590

1,810,345

1,785,354

12) MICLA 2009-E (Real Property)

3,923,325

13) MICLA 2010-A (Capital Equipment)

3,804,950

3,802,175

3,411,300

3,804,425

3,806,275

--

14) MICLA 2010-B (Capital Equipment)

(Recovery Zone Econ. Dev. Bonds - Taxable)

6,316,353

6,316,138

6,313,801

6,315,159

6,313,804

15) MICLA 2010-C (Real Property)

(Recovery Zone Econ. Dev. Bonds - Taxable)

1,540,517

1,537,595

1,537,784

1,539,995

1,539,630

1,537,972

1,539,860

16) MICLA 2011 (QECB)

956,238

933,674

910,897

888,014

859,918

836,822

813,406

17) MICLA 2012-A (Capital Equipment)

12,453,750

12,450,500

12,452,750

12,453,000

18) MICLA 2012-B (Real Property)

2,089,175

2,091,975

2,088,575

2,089,175

2,088,575

2,091,775

2,088,575

19) MICLA 2012-C (Real Property)

(Refunding of AQ, AR-1, AR, AU and T)

10,205,182

10,211,782

10,204,800

10,215,550

10,209,550

10,211,800

10,201,050

20) MICLA Street Lighting 2013

7,180,677

6,716,344

5,282,888

3,562,378

774,694

21) MICLA 2014-A (Real Property)

3,224,125

3,225,625

3,224,275

3,224,775

3,226,275

3,228,525

3,228,175

22) MICLA 2014-B (Real Property Refunding AT and AW)

7,607,025

7,609,550

7,615,050

4,880,300

1,906,550

1,911,800

1,904,050

23) MICLA 2014 (Capital Equipment)

7,471,012

24) MICLA 2015-A (LA Convention Center)

47,391,497

47,338,020

47,262,447

47,264,156

47,195,001

47,207,136

13,136,774

25) MICLA 2015-A (Refunding of Staples Arena 1998-A)

3,482,918

3,481,079

3,477,209

3,467,844

3,458,930

3,452,789

3,445,795

26) MICLA Street Lighting 2016

3,548,014

3,587,880

27) MICLA 2016-A (Refunding) (Capital Equipment)

14,702,300

14,713,275

14,713,675

14,709,550

14,711,400

14,711,225

28) MICLA 2016-B (Refunding) (Figueroa Plaza)

14,852,400

14,853,150

14,865,175

13,870,925

13,736,550

13,754,700

29) MICLA 2016-B (Refunding) (MTD Building)

5,658,250

5,654,950

5,657,825

5,662,175

5,671,625

5,679,725

30) MICLA 2016-B (Refunding) (Police Headquarters)

20,896,750

20,897,025

20,889,225

20,873,225

20,849,575

20,837,850

31) MICLA 2016-B (Refunding) (Public Works Building)

9,352,550

9,346,275

9,349,475

9,346,625

9,345,700

9,344,300

32) MICLA Street Lighting 2017

4,470,000

33) Digital In-Car Video System (Police)

6,829,000

4,040,000

--

--

34) Debt Service on EWDD Projects

1,032,098

1,056,078

1,065,455

1,171,661

1,273,774

1,272,943

1,369,316

35) Refinancing of Parking Revenue Bonds

4,181,065

4,183,866

4,180,917

4,181,260

4,182,552

--

36) Police Vehicles Financing

5,100,000

37) Commercial Paper Program

9,023,000

9,000,000

38) Refinancing Commercial Paper

10,000,000

12,000,000

22,000,000

32,000,000

42,000,000

52,000,000

60,000,000

39) LA Convention Center Commercial Paper

2,000,000

Lease Payment Subtotal

229,785,425

242,288,420

246,249,529

245,013,536

243,343,835

237,791,662

193,977,210

40) General Administration

300,000

41) Trustee Fees

55,000

TOTAL

230,140,425

242,643,420

246,604,529

245,368,536

243,698,835

238,146,662

194,332,210

Capital Finance Administration Fund

Lease Payments for Outstanding and Proposed Lease Revenue Securities

789

Capital Finance Administration Fund

Lease Payments for Outstanding and Proposed Lease Revenue Securities Detail

1.

Hollywood and Highland Theater Project, Program AK (Taxable Certificates of Participation, 1999)

The proceeds of this issuance were used to design and construct a live broadcast theater within the

Hollywood and Highland development project located in the historic Hollywood area. The Dolby Theatre is

formerly known as the Kodak Theatre.

Lessor: Municipal Improvement Corporation of Los Angeles

Amount of Principal:

43,210,000

Principal Outstanding, July 1, 2017:

28,295,000

Final Payment:

2028-29

2017-18 MICLA AK (Dolby Theatre, 1999) Lease Payment:

3,611,388

2.

Pershing Square Refunding, Program AS (Certificates of Participation, 2002)

The proceeds of this issuance were used to refund the 1992 Pershing Square Certificates of Participation,

which financed the construction, design, and installation of improvements at Pershing Square. Funding for

lease payments and City administrative costs is provided through Mello-Roos assessments on various

properties in the vicinity of Pershing Square.

Lessor: Municipal Improvement Corporation of Los Angeles

Amount of Principal:

7,655,000

Principal Outstanding, July 1, 2017:

2,085,000

Final Payment:

2022-23

2017-18 MICLA AS (Pershing Square Refunding, 2002) Lease Payment:

522,963

3.

MICLA Lease Revenue Bonds, Series 2006-A (Police Headquarters Facility)

A major portion of the proceeds was used to construct the Police Headquarters Facility. The purpose of

the facility was to permanently house command and administrative functions of the Los Angeles Police

Department, previously located at the Parker Center. These bonds were fully refunded in June 2016.

Lessor: Municipal Improvement Corporation of Los Angeles

Amount of Principal:

350,415,000

Principal Outstanding, July 1, 2017:

Final Payment:

2017-18 MICLA 2006-A (Police Headquarters Facility) Lease Payment:

--

4.

MICLA Lease Revenue Bonds, Series 2006-A (Public Works Building)

A lesser portion of the proceeds was used to refinance the MICLA Commercial Paper notes borrowed to

acquire and renovate the Public Works Building. These bonds were fully refunded in June 2016.

Lessor: Municipal Improvement Corporation of Los Angeles

Amount of Principal:

98,180,000

Principal Outstanding, July 1, 2017:

Final Payment:

2017-18 MICLA 2006-A (Public Works Building) Lease Payment:

--

790

Capital Finance Administration Fund

5.

MICLA Lease Revenue Bonds, Series 2007-B (Figueroa Plaza)

The proceeds of this issuance were used to acquire the Figueroa Plaza office complex. In 2012,

$6,220,000 million of the principal was defeased. These bonds were fully refunded in June 2016.

Lessor: Municipal Improvement Corporation of Los Angeles

Amount of Principal:

201,175,000

Principal Outstanding, July 1, 2017:

Final Payment:

2017-18 MICLA 2007-B (Figueroa Plaza) Lease Payment:

--

6.

MICLA Lease Revenue Bonds, Series 2008-A (Capital Equipment)

The proceeds of this issuance were used to refinance the MICLA Commercial Paper notes borrowed to

acquire various capital equipment items. These bonds were fully refunded in June 2016.

Lessor: Municipal Improvement Corporation of Los Angeles

Amount of Principal:

105,090,000

Principal Outstanding, July 1, 2017:

Final Payment:

2017-18 MICLA 2008-A (Capital Equipment) Lease Payment:

--

7.

MICLA Lease Revenue Bonds, Series 2008-B (Real Property)

The proceeds of this issuance were used to refinance the MICLA Commercial Paper notes borrowed to

acquire or construct several facilities, including the Chicago Building, the Medical Services Building, and

several Police Motor Transport Division facility site parcels. These bonds were fully refunded in June

2016.

Lessor: Municipal Improvement Corporation of Los Angeles

Amount of Principal:

43,790,000

Principal Outstanding, July 1, 2017:

Final Payment:

2017-18 MICLA 2008-B (Real Property) Lease Payment:

--

8.

MICLA Lease Revenue Bonds, Series 2009-A (Capital Equipment)

The proceeds of this issuance were used to refinance the MICLA Commercial Paper notes borrowed to

acquire various capital equipment items (e.g. fleet replacement).

Lessor: Municipal Improvement Corporation of Los Angeles

Amount of Principal:

57,930,000

Principal Outstanding, July 1, 2017:

19,840,000

Final Payment:

2018-19

2017-18 MICLA 2009-A (Capital Equipment) Lease Payment:

7,330,063

9.

MICLA Lease Revenue Bonds, Series 2009-B (Real Property)

The proceeds of this issuance were used to refinance the MICLA Commercial Paper notes borrowed to

complete improvements to various facilities, including the Griffith Observatory, the Piper Technical Center,

and the Los Angeles Zoo. These bonds were fully refunded in June 2016.

Lessor: Municipal Improvement Corporation of Los Angeles

Amount of Principal:

52,065,000

Principal Outstanding, July 1, 2017:

Final Payment:

2017-18 MICLA 2009-B (Real Property) Lease Payment:

--

791

Capital Finance Administration Fund

10.

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