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If the depositor shall fail to perform the terms of the sale, the department which issued the Request for Sale, shall submit to the Purchasing Agent an estimate of the amount required to demolish or remove the property, to clear the site, or to do any other work undertaken to be done by the depositor, whereupon the Purchasing Agent shall issue the necessary order to have the work performed, the cost of which shall be charged against the amount deposited. The department which requested the sale shall approve the invoice, and the Purchasing Agent shall issue the demands on the Salvage Trust Fund for the payment of the costs and for the refund to the depositor of any unexpended balance.
SECTION HISTORY
Based on Ord. No. 52,230, Sec. 16.
Amended by: Ord. No. 85,313.
Whenever the Purchasing Agent receives, from any bidder, purchaser or person negotiating for the purchase of property, a deposit upon the purchase price thereof, the payment of which is conditional upon a final determination of the purchase price or any other contingency, such deposit shall upon its receipt, be placed in the Salvage Trust Fund. When the purchase price has been finally determined, the negotiation of the sale completed, or any other contingency resolved so as to complete the terms of the sale, the Purchasing Agent shall cause the amount of the deposit to be transferred to the proper account of the Department which had control of the property; provided, however, that when the sales price is less than the amount deposited, the balance shall be refunded to the depositor, and the Purchasing Agent shall draw the necessary demand on the Salvage Trust Fund for the amount to be so refunded.
SECTION HISTORY
Based on Ord. No. 52,230, Sec. 16.
Amended by: Ord. No. 85,313.
Whenever any funds are received by the Purchasing Agent in connection with the sale or negotiation for the sale of any property, the disposition of which is not specifically covered by this or any other enactment, or in the absence of complete instructions, such funds shall be deposited in the Salvage Trust Fund pending the disposition thereof according to law.
SECTION HISTORY
Based on Ord. No. 52,230, Sec. 16.
Amended by: Ord. No. 85,313.
There is hereby established within the Treasury of the City of Los Angeles a special fund to be known as the “Telecommunications Development Fund”. All monies received or collected by the City from any cable and digital video franchise holder other than Charter Communications or Time Warner Cable, as public, educational and government (PEG) fees, and all monies received or collected by the City from private line franchise holders shall be deposited into said Fund. There is hereby established within the Telecommunications Development Fund, an account to be known as the “General PEG Fee Account”. All PEG monies received or collected from any cable and digital video franchise holder other than Charter Communications and Time Warner Cable shall be deposited into the General PEG Fee Account.
SECTION HISTORY
Added by Ord. No. 157,178, Eff. 11-20-82.
Amended by: Ord. No. 160,873, Eff. 4-6-86; In Entirety, Ord. No. 187,363, Eff. 3-5-22.
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