Page 345 - 2022-23 Blue Book Vol 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, 2022: --
Final Payment: 2021-22

2022-23 MICLA AS (Pershing Square Refunding, 2002) Lease Payment: $ --

2. 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, including El Pueblo, Figueroa Plaza buildings, and Asphalt
Plant No. 1. MICLA has designated these taxable bonds as Recovery Zone Economic Development 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 2022 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: $ 18,170,000
Principal Outstanding, July 1, 2022: 15,225,000
Final Payment: 2040-41

2022-23 MICLA 2010-C (Real Property) Lease Payment: $ 1,539,860

3. MICLA Lease Obligations, Series 2011-A (Qualified Energy Conservation Bonds)
The proceeds of this issuance were used for the energy retrofit of 52 buildings located in the City. In 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. MICLA designated these taxable bonds as Qualified Energy Conservation Bonds, which
allowed the City to receive from the federal government direct credit subsidy payments equal to 70 percent of
the interest payable to bondholders. This issuance was completed through a direct loan with a bank. These
obligations are no longer outstanding as they were prepaid in full on October 1, 2021.

Lessor: Municipal Improvement Corporation of Los Angeles
Amount of Principal: $ 11,920,000
Principal Outstanding, July 1, 2022: --
Final Payment: 2021-22
2022-23 MICLA 2011-A (Qualified Energy Conservation Bonds) Lease Payment: $ --

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