(a) There is hereby created and established within the Treasury of the City of Los Angeles a special fund to be known as the "Cultural Affairs Trust Fund; Art Funds Transferred from the Community Redevelopment Agency/Los Angeles" hereinafter referred to as the "Fund".
(b) The Fund monies shall be used to manage the art covenants listed on Schedule B to the Transfer of Art Funds and Assignment of Art Covenants Agreement between the CRA/LA and the Department of Cultural Affairs (Department), dated May 31, 2019 (Agreement), and pursuant to the CRA/LA Art Policy adopted by the City of Los Angeles as specified in Council File No. 00-1847-S1.
(c) The Fund shall be interest bearing and all proceeds from interest shall remain in the Fund devoted to the purposes of the Fund. Monies not expended from the Fund at the close of any fiscal year shall not revert to the General or Reserve Fund, but shall remain in the Fund.
(d) The Fund shall be divided into 18 separate accounts for each of the 18 development areas listed on Schedule A of the Agreement.
(e) Fifteen percent of the Fund shall be used by the Department to manage the covenants in Schedule B of the Agreement, which will provide monies for one Arts Manager I position and one Arts Manager II position within the Department to provide administrative services and support to the art covenants.
(f) All offers of monetary gifts, contributions, or bequests accepted by the City Council or the General Manager of the Department for any of the purposes discussed above shall be placed in the Fund. All offers of gifts, contributions, or bequests of personal property with a value of more than $50,000 shall be submitted to the City Council for acceptance or rejection. All offers of gifts, contributions, or bequests of personal property, which have a value of $50,000 or less, may be accepted for and on behalf of the City by the General Manager of the Department.
(g) The Controller, at the request of the Department, shall establish a separate account for each accepted monetary gift, contribution, or bequest which includes any special requirements, qualifications, or conditions for its use.
(h) The Fund shall be administered and expenditures shall be authorized by the General Manager of the Department or their designee in accordance with established City practice. The General Manager of the Department shall not utilize the Fund for purposes that are contrary to the budgetary policy for the Department as established by the Mayor and Council.
(i) The General Manager of the Department shall report to the City Council annually, commencing on October 1, with respect to all receipts placed into the Fund, the source thereof, and all expenditures from the Fund and the purposes thereof
SECTION HISTORY
Added by Ord. No. 186,981, Eff. 6-3-21.