(A) Receipt of fee. The registration fees disbursed by the South Coast Air Quality Management District and remitted to the city, pursuant to this subchapter, shall be accepted by the Fee Administrator.
(B) Establishment of Air Quality Improvement Trust Fund. The Fee Administrator shall establish a separate interest-bearing trust account in a financial institution authorized to receive deposits of city funds.
(C) Transfer of funds. Upon receipt of these registration fees, the Fee Administrator shall deposit the funds into the separate account established pursuant to division (B) of this section. All interest earned by the trust fund account shall be credited only to that account.
(D) Expenditure of Air Quality Trust Fund revenues. All fees received from the South Coast Air Quality Management District and deposited in the trust fund account shall be exclusively expended on mobile source emission reduction programs as defined in § 34.61. Such fees, and interest earned on the revenues, shall be expended within one year of the completion of the programs.
(E) Audits. The city consents to an audit of all programs and projects funded by fees received from the South Coast Air Quality Management District pursuant to Cal. Health & Safety Code § 44223.
('83 Code, § 3.35.030) (Ord. 1047, passed - -91)