Loading...
There is hereby established within the Treasury of the City of Los Angeles a special fund to be known as the “PEG Development Fund”. All monies received or collected by the City from Charter Communications and Time Warner Cable as public, educational and government (PEG) fees shall be deposited into said Fund.
SECTION HISTORY
Added by Ord. No. 187,363, Eff. 3-5-22.
The Fund shall be administered by, and expenditures shall be authorized by the General Manager of the Information Technology Agency, or the designee thereof, subject to prior approval by the City Council and the Mayor. Expenditures from said Fund shall be made only for public access, educational access, and government access programing. Pursuant to Charter Section 344, monies not disbursed in any fiscal year from the Fund, or in any of the accounts within the Fund, shall not revert to the Reserve Fund, but shall remain in the Fund and be devoted to the purposes of the Fund.
SECTION HISTORY
Added by Ord. No. 187,363, Eff. 3-5-22.
Section
5.99 Creation of Fund.
5.100 Action by Council.
5.101 Report on Sufficiency of Funds.
5.102 Proceeds to Be Paid into the Fund.
5.103 Street Improvement Assessments.
5.103.1 Advancing Payments of Assessments Levied Against Property Owned by the City.
5.103.2 Financing Assessment Deferral.
5.104 Excess to Be Transferred to General Fund.
There is hereby created and established in the City Treasury a trust fund to be known as the “Improvement Assessment Revolving Trust Fund”. The unexpended balances and assets of the “Sewer Assessment Purchase Revolving Fund”, created by Ordinance No. 99,534, as amended by Ordinance No. 103,597 and of the “Street Improvement Ordinance of 1941 Revolving Fund”, created by Ordinance No. 94,779, are hereby transferred to said “Improvement Assessment Revolving Trust Fund”, and the Board of Public Works is hereby authorized to cause demands to be drawn on said trust fund subject to the provisions of this article.
SECTION HISTORY
Based on Ord. No. 134,367.
The City Council may elect as authorized by Section 5135 of the Streets and Highways Code to purchase at the option of the contractor an assignment of the entire warrant, assessment and diagram for any improvement authorized by the Improvement Act of 1911 (Div. 7, Streets and Highways Code) where in the opinion of the City Engineer the bond discount may be substantially higher than for bonds of similar projects being processed at approximately the same period of time. In the event the contractor agrees to sell pursuant to the contractor’s option, only those funds available and unallocated in said herein created and established fund may be used for the purchase by the City of the assignment.
SECTION HISTORY
Based on Ord. No. 134,367.
Prior to the adoption of an ordinance of intention which contains the provision that the City Council may purchase, at the option of the contractor, an assignment of the entire warrant, assessment and diagram, the City Engineer shall determine and report to the Board of Public Works that sufficient funds are available for the said purchase. The adoption by the City Council of the said ordinance shall constitute an encumbrance of funds for this purpose.
SECTION HISTORY
Based on Ord. No. 134,367.
Loading...