(a) There is hereby created and established within the Treasury of the City of Los Angeles a separate fund to be known as the “Rent Stabilization Trust Fund,” hereinafter referred to as the “Fund.”
(b) All monies received or collected by the City as fees, penalties or otherwise arising out of the provisions of the City’s Rent Stabilization Ordinance, as that ordinance is set forth in Chapter XV of the Los Angeles Municipal Code, shall be deposited into the Fund.
(c) The Fund shall be administered, and expenditures therefrom shall be authorized, by the General Manager of the Los Angeles Housing Department or the designee thereof in accordance with established City practice. There shall be no expenditure, transfer or other form of disbursement of money from the Fund, or any authority provided or granted with respect thereto, except for purposes directly related to the implementation and administration of the City’s Rent Stabilization Ordinance, unless the City provides otherwise by ordinance which amends this section.
(d) All interest and other earnings attributable to monies in the Fund shall be credited to the Fund.
SECTION HISTORY
Added by Ord. No. 157,695, Eff. 6-26-83.
Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00; Ord. No. 182,718, Eff. 10-30-13; Subsec. (d) added, Ord. No. 186,448, Eff. 12-30-19; Ord. No. 187,122, Eff. 8-8-21.