Common Contracts
1 similar Bond Expenditure Agreement contracts
MOTION ECONOMIC DEVELOPMENTBond Expenditure Agreement • October 15th, 2021
On January 16, 2015, the City of Los Angeles (City) and CRA/LA, a Designated Local Authority (CRA/LA), entered into a Bond Expenditure Agreement (BEA) for the transfer of approximately $86.4 million in CRA/LA Excess Bond Proceeds (EBP) to the City for use on projects identified in the Bond Spending Plan contained within the BEA and that are consistent with the provisions of the underlying bond covenants, Redevelopment Plan, and Five Year Implementation Plan for each respective Project Area (C.F. 14-1174; Contract No. C-125212). The principal amount of the EBP funds has increased to approximately $88.4 million due to subsequent transfers received from CRA/LA. In addition, the EBP funds have earned approximately $4.9 million in interest monies.
