§ 15.06.115 CULTURAL TRUST FUND CREATED.
   A.   There is hereby created a fund to be known as the “Culver City Cultural Trust Fund” (hereinafter “Cultural Trust Fund”) to account for fees paid pursuant to this Subchapter. This fund, maintained by the Chief Financial Officer, and subject to §§ 15.06.040 and 15.06.050, shall be used solely:
      1.   For the design, acquisition, commission, installation, improvement, relocation, conservation, utility charges and insurance of artwork acquired by the City through the APPP;
      2.   For preventative care, maintenance and utility charges related to the artwork and real property purchased pursuant to Subsection 15.06.115.A.1; provided, that the total amount of the appropriation made in any year from the Cultural Trust Fund for the purpose set forth in this Subsection 15.06.115.A.2 shall not exceed fifteen percent (15%) of the total fees deposited into the Cultural Trust Fund, pursuant to this Subchapter, during the fiscal year immediately preceding that appropriation. The City Council, with a recommendation by the Cultural Affairs Commission, may appropriate additional funds from the Cultural Trust Fund for the purpose of completing larger conservation efforts, including restoration projects, for one or more artworks;
      3.   To sponsor or support the performing arts;
      4.   For the acquisition and improvement of real property for the purpose of displaying artwork, which has been or may be subsequently approved by the City;
      5.   For costs associated with administering The Art in Public Places Program and associated cultural programs, in an amount not to exceed fifteen percent (15%) of the total fees deposited into the Cultural Trust Fund, pursuant to this Subchapter, during the fiscal year immediately preceding that appropriation; however, in the event the City Council determines that a special circumstance exists, the City Council may set a higher amount by a majority vote; and
      6.   Other City-produced cultural programs pursuant to the requirements of this Subchapter.
   B.   If real property purchased with monies from the Cultural Trust Fund is subsequently sold, the proceeds from the sale shall be returned to the Cultural Trust Fund.
(Ord. No. 2013-003 § 1 (part))