There is hereby established within the Treasury of the City of Los Angeles a fund known as the “Department of Transportation Trust Fund” hereinafter referred to as the “Fund,” to be administered by the Department of Transportation.
(a) The Department of Transportation Trust Fund shall be used for the purpose of receiving deposits of money by or on behalf of persons desiring or requiring services to be performed or materials to be provided or used in connection with installation, use, retirement from use, maintaining, relocation, removal, or replacement of traffic control devices by the Department of Transportation. Any such deposit shall be received and accepted as a guarantee of the payment of all fees, costs and expenses involved in connection with the particular work or services to be performed or materials to be used as a necessary part of the Department actions with respect thereto.
The fund shall also be used as a temporary depository for monies received by the City as good faith guarantee deposits which have accompanied bids submitted to the City by those applying for an award of a utility franchise.
(b) Monies deposited pursuant to (a) above but not used in the implementation of the particular work ordered or representing those good faith deposits of an unsuccessful franchise bidder, shall be refunded to the depositor; and all other funds on deposit from any such depositor shall be transferred to the General Fund. Monies deposited as the good faith guarantee deposit of a bidder who is awarded a franchise shall be refunded to such bidder only after any faithful performance and/or other bond required before the grant of a franchise, has been approved by and is on file with the City.
Before a refund can be effected, the depositor may be required to surrender the original receipt for the deposit made, or to sign a sufficient affidavit of the loss of such receipt together with proof of identity in a form acceptable to and prescribed by the General Manager of the Department.
SECTION HISTORY
Added by Ord. No. 156,523, Eff. 4-19-82.