Detail of department programs

MICLA Lease Revenue Bonds, Series 2009-C (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:

$

40,095,000

Principal Outstanding, July 1, 2017:

13,635,000

Final Payment:

2019-20

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

$

4,862,900

11.

MICLA Lease Revenue Bonds, Series 2009-D (Recovery Zone Economic Development Bonds)

The proceeds of this issuance were used for capital improvements to several City facilities, including the 

7

th

Street Sweeper Shop Annex Building and the Figueroa Plaza office complex. This issuance consists of 

taxable bonds, which allow the City to receive from the federal government direct credit subsidy payments 

equal to 45 percent of the interest payable to bondholders. Pursuant to the requirements of the Balanced 

Budget and Emergency Deficit Control Act of 1985, as amended, refund payments to certain state and 

local government filers claiming refundable credits under section 6431 of the Internal Revenue Code to 

certain qualified bonds are subject to sequestration. Currently, the federal fiscal year 2017 sequestration 

rate is 6.9 percent. This means the direct credit subsidy payments for these bonds will be reduced by that 

amount.

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

21,300,000

Principal Outstanding, July 1, 2017:

18,335,000

Final Payment:

2039-40

2017-18 MICLA 2009-D (Recovery Zone Econ. Dev. Bonds) Lease Payment:

$

1,872,313

12.

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

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

the construction of the Police Motor Transport Division facility. These bonds were fully refunded in June 

2016.

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

56,665,000

Principal Outstanding, July 1, 2017:

--

Final Payment:

--

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

$

--

13.

MICLA Lease Revenue Bonds, Series 2010-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. communication equipment, fleet, trucks).

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

30,355,000

Principal Outstanding, July 1, 2017:

13,505,000

Final Payment:

2020-21

2017-18 MICLA 2010-A (Capital Equipment) Lease Payment:

$

3,802,175

792

Capital Finance Administration Fund

14.

MICLA Lease Revenue Bonds, Series 2010-B (Recovery Zone Economic Development Bonds)

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), a fire helicopter and 48 heavy duty

trucks. This issuance consists of taxable bonds, which allow the City to receive from the federal 

government direct credit subsidy payments equal to 45 percent of the interest payable to bondholders. 

Pursuant to the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985, as 

amended, refund payments to certain state and local government filers claiming refundable credits under 

section 6431 of the Internal Revenue Code to certain qualified bonds are subject to sequestration. 

Currently, the federal fiscal year 2017 sequestration rate is 6.9 percent. This means the direct credit 

subsidy payments for these bonds will be reduced by that amount.

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

49,315,000

Principal Outstanding, July 1, 2017:

22,465,00

Final Payment:

2020-21

2017-18 MICLA 2010-B (Recovery Zone Econ. Dev. Bonds) Lease Payment:

$

6,316,138

15.

MICLA Lease Revenue Bonds, Series 2010-C (Recovery Zone Economic Development Bonds)

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

the capital improvements to various City facilities, and to complete capital improvements at El Pueblo, the 

Figueroa Plaza buildings, and Asphalt Plant No. 1. This issuance consists of taxable bonds, which allow 

the City to receive from the federal government direct credit subsidy payments equal to 45 percent of the 

interest payable to bondholders. Pursuant to the requirements of the Balanced Budget and Emergency 

Deficit Control Act of 1985, as amended, refund payments to certain state and local government filers 

claiming refundable credits under section 6431 of the Internal Revenue Code to certain qualified bonds 

are subject to sequestration. Currently, the federal fiscal year 2017 sequestration rate is 6.9 percent. This 

means the direct credit subsidy payments for these bonds will be reduced by that amount.

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

18,170,000

Principal Outstanding, July 1, 2017:

16,755,000

Final Payment:

2040-41

2017-18 MICLA 2010-C (Real Property) Lease Payment:

$

1,537,595

16.

MICLA Lease Obligations, Series 2011-A (Qualified Energy Conservation Bonds)

The proceeds of this issuance are being used for the energy retrofit of 52 buildings located throughout the 

City.  For the first three years, lease payments on these bonds were paid with federal Energy Efficiency 

and Conservation Block Grant monies. In subsequent years, lease payments are offset from savings 

generated by the energy retrofit of the buildings. A portion of the bonds in the amount of $1,243,797 were 

redeemed on November 3, 2014. This redemption was in the amount of the bond proceeds that remained 

unexpended as of the three year anniversary of the issue date of the bonds. This issuance consists of 

taxable bonds, which allow the City to receive from the federal government direct credit subsidy payments 

equal to 70 percent of the interest payable to bondholders. Pursuant to the requirements of the Balanced 

Budget and Emergency Deficit Control Act of 1985, as amended, refund payments to certain state and 

local government filers claiming refundable credits under section 6431 of the Internal Revenue Code to 

certain qualified bonds are subject to sequestration. Currently, the federal fiscal year 2017 sequestration 

rate is 6.9 percent. This means the direct credit subsidy payments for these bonds will be reduced by that 

amount. This issuance was completed through a direct loan with a bank.

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$      11,920,000

Principal Outstanding, July 1, 2017:

7,146,203

Final Payment:

2028-29

2017-18 MICLA 2011-A (Qualified Energy Conservation Bonds) Lease Payment:

$

933,674

793

Capital Finance Administration Fund

17.

MICLA Lease Revenue Bonds, Series 2012-A (Capital Equipment)

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

acquire various capital equipment items.  

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

92,635,000

Principal Outstanding, July 1, 2017:

58,925,000

Final Payment:

2021-22

2017-18 MICLA 2012-A (Capital Equipment) Lease Payment:

$

12,453,750

18.

MICLA Lease Revenue Bonds, Series 2012-B (Real Property)

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

the capital improvements to various City facilities.

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

33,975,000

Principal Outstanding, July 1, 2017:

30,520,000

Final Payment:

2041-42

2017-18 MICLA 2012-B (Real Property) Lease Payment:

$

2,091,975

19.

MICLA Lease Revenue Bonds, Refunding Series 2012-C (Real Property)

The proceeds of this issuance were used to refund the following outstanding obligations previously issued 

by MICLA: 1) Certificates of Participation (Real Property Program AQ); 2) Certificates of Participation

(Real Property AR-1); 3) Certificates of Participation (Real Property Improvements AR) Series 2004; 4) 

Certificates of Participation (Equipment and Real Property Acquisition Program AU); and, 5) Certificates of 

Participation (Real Property Improvement Program T), resulting in savings to the City. The refunded 

obligations were used for the construction of a police station, a parking structure, the Motor Transport 

Division facility, neighborhood City halls, the acquisition of several parcels for the construction of various 

City facilities, the City’s share of a joint development with the State of California Department of 

Transportation (CalTrans), the retrofit and fire life safety improvements of City Hall East, and the

acquisition of miscellaneous vehicles, fire apparatus, and police vehicles. 

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

109,730,000

Principal Outstanding, July 1, 2017:

80,885,000

Final Payment:

2031-32

2017-18 MICLA 2012-C (Refunding of AQ, AR-1, AR, AU, and T) Lease Payment: $

10,211,782

20.

MICLA Street Lighting 2013 (Lease Obligations)

The proceeds from this issuance were used to refinance Bureau of Street Lighting outstanding loans 

through the Energy Resources Conservation and Development Commission and the Department of Water 

and Power. This issuance was completed through a direct loan with a bank. Lease payments are paid 

from the Street Lighting Maintenance Assessment Fund (Schedule 19).

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

39,795,479

Principal Outstanding, July 1, 2017:

15,508,088

Final Payment:

2020-21

2017-18 Street Lighting 2013 Lease Payment:

$

6,716,344

794

Capital Finance Administration Fund

21.

MICLA Lease Revenue Bonds, Series 2014-A (Real Property)

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

the capital improvements to various City facilities.

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

41,800,000

Principal Outstanding, July 1, 2017:

37,570,000

Final Payment:

2033-34

2017-18 MICLA 2014-A (Real Property) Lease Payment:

$

3,225,625

22.

MICLA Lease Revenue Bonds, Refunding Series 2014-B (Real Property)

The proceeds of this issuance were used to refund the following obligations: 1) Central Library Refunding, 

Program AT (Certificates of Participation, 2002); and, 2) Real Property Acquisition, Program AW 

(Certificates of Participation, 2003), resulting in savings to the City. The refunded bonds were used for the 

construction and installation of the East Wing of the Central Library Rehabilitation and Expansion Project 

and the acquisition of the Marvin Braude Constituent Services Center building.

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

51,730,000

Principal Outstanding, July 1, 2017:

34,045,000

Final Payment:

2032-33

2017-18 MICLA 2014-B (Refunding of AT and AW) Lease Payment:

$

7,609,550

23.

MICLA Lease Obligations, Series 2014 (Capital Equipment)

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

acquire various capital equipment items. This issuance was completed through a direct loan with a bank.

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

67,257,597

Principal Outstanding, July 1, 2017:

51,662,788

Final Payment:

2023-24

2017-18 MICLA 2014 (Capital Equipment) Lease Payment:

$

7,471,012

24.

MICLA Lease Revenue Bonds, Refunding Series 2015-A (Los Angeles Convention Center)

The majority of the proceeds of this issuance were used to refund the Los Angeles Convention Center and 

Exhibition Center Authority Lease Revenue Bonds, Refunding Series 2008, which financed the 

construction, design, and installation of improvements at the Los Angeles Convention Center. Proceeds 

were also used to refinance MICLA Commercial Paper notes borrowed for capital improvements to the

Convention Center.

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

265,565,000

Principal Outstanding, July 1, 2017:

225,550,000

Final Payment:

             2022-23

2017-18 MICLA 2015-A (LA Convention Center) Lease Payment:

$

47,338,020

795

Capital Finance Administration Fund

25.

MICLA Lease Revenue Bonds, Refunding Series 2015-A (Staples Arena, 1998-A)

The proceeds of this issuance were used to refund Los Angeles Convention Center Taxable Lease 

Revenue Bonds, Series 1998 (Staples Arena), which were used to fund a portion of the City’s contribution 

towards the development of the Staples Center. Funds for lease payments are paid from the Staples 

Arena Special Fund.

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

21,820,000

Principal Outstanding, July 1, 2017:

18,905,000

Final Payment:

             2022-23

2017-18 MICLA 2015-A (Refunding of Staples 1998-A) Lease Payment:

$

3,481,079

26.

MICLA Street Lighting 2016 (Lease Obligations)

The proceeds from this issuance were used to refinance Bureau of Street Lighting outstanding loans and 

to provide future funding for the conversion of existing streetlights to energy efficient Light Emitting Diode 

(LED) lighting and other improvements to the City’s street lighting system. This issuance was completed 

through a direct loan with a bank. Lease payments are paid from the Street Lighting Maintenance 

Assessment Fund (Schedule 19).

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

26,368,865

Principal Outstanding, July 1, 2017:

23,319,222

Final Payment:

2023-24

2017-18 MICLA Street lighting 2016 Lease Payment:

$

3,587,880

27.

MICLA Lease Revenue Bonds, Refunding Series 2016-A (Capital Equipment)

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

acquire various capital equipment items and to refund MICLA 2008-A bonds, previously used to purchase 

capital equipment. 

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

125,235,000

Principal Outstanding, July 1, 2017:

120,670,000

Final Payment:

2026-27

2017-18 MICLA 2016-A (Capital Equipment) Lease Payment

$

14,702,300

28.

MICLA Lease Revenue Bonds, Refunding Series 2016-B (Figueroa Plaza)

The proceeds of this issuance were in large part used to refund MICLA 2007-B1 and 2007-B2. A lesser 

part of the proceeds were used to refinance MICLA Commercial Paper Notes borrowed to make capital 

improvements to various City facilities as well as for new capital improvement projects to the Figueroa 

Plaza building.  

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

194,365,000

Principal Outstanding, July 1, 2017:

188,815,000

Final Payment:

2039-40

2017-18 MICLA 2016-B (Figueroa Plaza) Lease Payment:

$

14,852,400 

796

Capital Finance Administration Fund

29.

MICLA Lease Revenue Bonds, Refunding Series 2016-B (Motor Transport Division Property)

The proceeds of this issuance attributable to the Motor Transport Division (MTD) Property, were used to 

refund the MICLA 2008-B bonds, which were used to acquire the MTD land, and MICLA 2009-E bonds.

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

82,060,000

Principal Outstanding, July 1, 2017:

80,050,000

Final Payment:

2039-40

2017-18 MICLA 2016-B (MTD Building) Lease Payment:

$

5,658,250

30.

MICLA Lease Revenue Bonds, Refunding Series 2016-B (Police Headquarters Facility)

The proceeds of these bonds were used to refund MICLA 2006-A Bonds, which were in large part used to 

build the Police Headquarters Facility. A lesser part of these proceeds were used to refinance MICLA 

Commercial Paper Notes used to make capital improvements to various City facilities as well as for new 

capital improvement projects to the Police Headquarters Facility.

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

281,480,000

Principal Outstanding, July 1, 2017:

272,395,000

Final Payment:

2039-40

2017-18 MICLA 2016-B (Police Headquarters) Lease Payment:

$

20,896,750    

31.

MICLA Lease Revenue Bonds, Refunding Series 2016-B (Public Works Building)

The proceeds of these bonds were used to refund MICLA 2006-A Bonds, which were used in part to build 

the Public Works Building. Funds for lease payments are partly derived from the Sewer Construction and 

Maintenance Fund (Schedule 14).

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

127,365,000

Principal Outstanding, July 1, 2017:

124,060,000

Final Payment:

2039-40

2017-18 MICLA 2016-B (Public Works Building) Lease Payment:

$

9,352,550

32.

MICLA Street Lighting 2017 (Lease Obligations)

The proceeds from this issuance will be used to fund the conversion of existing streetlights to energy 

efficient Light Emitting Diode (LED) lighting and other improvements to the City’s street lighting system.

This issuance was completed through a direct loan with a bank. Lease payments are paid from the Street 

Lighting Maintenance Assessment Fund (Schedule 19).

Lessor:  Municipal Improvement Corporation of Los Angeles

Amount of Principal:

$

39,500,000

Principal Outstanding, July 1, 2017:

39,500,000

Final Payment:

2027-28

2017-18 MICLA Street Lighting 2017 Lease Payment:

$

4,470,000

33.

Digital In-Car Video System (Police) (Lease Revenue Notes)

The Police Department will acquire various equipment items to implement Phase III and IV of the Digital 

In-Car Video System Project. The total cost is approximately $20 million. The Project will be financed 

through the Commercial Paper Program, as the equipment items have a useful life of less than six years.

2017-18 Lease Payment on the Police In-Car Video System:

$            4,040,000

797

Capital Finance Administration Fund

34.

Debt Service on Economic and Workforce Development Department (EWDD) Projects

This item reflects annual debt service on three projects: Chesterfield Square (C.F. 00-1579-S2), Lawry’s 

California Center (C.F. 98-1953), and Plaza Pacoima (C.F. 08-1811). Administration of these projects 

remains with EWDD.

2017-18 Debt Service on EWDD Projects:

                                     $

1,056,078

35.

Refinancing of Parking Revenue Bonds (Lease Revenue Notes)

In November 2013, MICLA Commercial Paper proceeds were issued to redeem the 1999-A and 2003-A

Parking Revenue Bonds. Funds for lease payments are paid from the Special Parking Revenue Fund.

2017-18 Commercial Paper Lease Payment:

$

4,183,866

36.

Police Vehicles Financing 

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

years for the purchase of 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 debt service for this financing is $5.1 million over 5 years.

2017-18 Debt Service on Police Vehicles Financing: 

$             5,100,000

37.

MICLA Commercial Paper Program (Lease Revenue Notes)

In 2004, a Commercial Paper Program was created to effectively manage capital expenditures and 

subsequent bond issuances.  The $9 million lease payment amount reflects an estimate of the lease 

payments to be paid during 2017-18.

Lessor:  Municipal Improvement Corporation of Los Angeles

2017-18 Commercial Paper Program Lease Payment:

$

9,000,000

38.

Refinancing of Commercial Paper Program

It is anticipated that a portion of the outstanding MICLA commercial paper notes will be refinanced.

Lessor:  Municipal Improvement Corporation of Los Angeles

2017-18 Commercial Paper Program Refinancing Lease Payment:

$

12,000,000

39.

Los Angeles Convention Center Commercial (LACC) Paper Program (Lease Revenue Notes)

The LACC Commercial Paper Program was established to effectively manage capital expenditures and 

subsequent bond issuances.  The $2 million lease payment amount reflects an estimate of the lease

payment to be paid during 2017-18.

2017-18 LACC Commercial Paper Lease Payment:

$           2,000,000

40.