(a) There is hereby established within the Treasury of the City of Los Angeles a fund known as the Local Assistance Trust Fund.
(b) All money received by the city under the terms of the State and Local Fiscal Assistance Act of 1972, if and when adopted by the Congress of the United States, shall be deposited in the Local Assistance Trust Fund.
(c) The Treasurer shall deposit in the Local Assistance Trust Fund any interest earned from the deposit or investment of all money received by the city pursuant to the State and Local Fiscal Assistance Act of 1972.
(d) No expenditure shall be made from the Local Assistance Trust Fund except for a purpose approved by the State and Local Fiscal Assistance Act of 1972 or by regulations of the Secretary of the Treasury, as provided for therein. Expenditures from the Trust Fund may be made as provided in the budget or as authorized by transfers of funds approved by the Council and the Mayor in the manner provided in Charter, Section 342.
(e) All city officers and employees who have any control over the investment or expenditure of money in the Local Assistance Trust Fund are directed to use fiscal, accounting and audit procedures that conform to guidelines established by the Secretary of the Treasury therefor.
(f) All city officers and employees who have any control over the investment or expenditure of money in the Local Assistance Fund shall provide to the Secretary of the Treasury and to the Comptroller General of the United States, access to and the right to examine such books, documents, papers or records as they may require for the purposes of reviewing compliance with the operations under the State and Local Fiscal Assistance Act of 1972.
(g) Any contract awarded by the city for construction to be financed in whole or in part by money in the Local Assistance Trust Fund shall contain provisions requiring contractors and subcontractors to pay laborers and mechanics employed on such construction at rates which conform to federal law.
SECTION HISTORY
Added by Ord. No. 143,960, Eff. 11-13-72.
Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00.