Page 305 - FY 2021-22 Blue Book Volume 2

Capital Finance Administration Fund

Lease Payments for Outstanding and Proposed Lease Revenue Obligations Detail

1. 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. Lease payments are paid from the Pershing Square Special
Trust Fund (Schedule 29).

Lessor: Municipal Improvement Corporation of Los Angeles
Amount of Principal: $ 7,655,000
Principal Outstanding, July 1, 2021: 220,000
Final Payment: 2021-22

2021-22 MICLA AS (Pershing Square Refunding, 2002) Lease Payment: $ 225,500

2. 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, and trucks).

Lessor: Municipal Improvement Corporation of Los Angeles
Amount of Principal: $ 30,355,000
Principal Outstanding, July 1, 2021: --
Final Payment: 2020-21

2021-22 MICLA 2010-A (Capital Equipment) Lease Payment: $ --

3. 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, including a fire helicopter and 48 heavy-duty trucks. MICLA
designated these taxable bonds as Recovery Zone Economic Development Bonds, which allowed 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 2021 sequestration rate is 5.7 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, 2021: --
Final Payment: 2020-21

2021-22 MICLA 2010-B (Recovery Zone Econ. Dev. Bonds) Lease Payment: $ --

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