A. There is hereby created within the Treasurer’s Office of the City of Los Angeles a special fund to be known as “Coastal Transportation Corridor Fund” (the Fund).
B. The purpose of the Fund shall be the receipt, retention, and disbursement of monies constituting the Transportation Impact Assessment Fee as defined in Section 4 of the Coastal Transportation Corridor Specific Plan (Specific Plan); any monies collected, appropriated or given to the Fund pursuant to Ordinance Nos. _______, 160,394, or 168,999; or any other money collected for the mitigation of transportation impacts throughout the Specific Plan Area, consistent with the purposes and requirements identified in the Specific Plan.
C. The Fund shall be administered by the General Manager of the Department of Transportation or the General Manager’s designee(s), in accordance with established City practices and in conformance with Government Code Sections 66000, et seq.
D. The Fund shall be interest bearing. Interest and any other earnings attributable to monies in the Fund shall be credited toward the Fund and devoted to the purposes of the Fund.
E. The Department of Transportation shall collect the monies derived from payment of the Transportation Impact Assessment Fee or other monies collected for mitigation of transportation impacts as established in the Specific Plan and remit all such monies to the Treasurer’s Office for deposit into the Fund.
F. Within the Fund, the following appropriation accounts shall be established:
1. A Regional/Subregional Transportation Improvements Account for Transportation Impact Assessment Fees paid pursuant to the Specific Plan, LAMC Section 19.19, and Ordinance Nos.160,394 and 168,999.
2. An Administration Account for that portion of the Fund allocated to administration of the Specific Plan, consistent with the Specific Plan, LAMC Section 19.19, and Ordinance Nos.160,394, 168,999, and 169,000.
3. A Mitigation Requirements Account for monies paid pursuant to Ordinance No.160,394 or No.168,999.
4. A Transit Account for monies collected from Projects within the Transit Facility Project Zone as adopted by the Los Angeles County Transportation Commission and approved by the City Council, pursuant to Ordinance No.160,394, or No.168,999.
5. A Glencoe Avenue Improvement Account for in-lieu payments collected from development on Glencoe Avenue between Washington Boulevard and Maxella Avenue.
The General Manager of the Department of Transportation or the General Manager’s designee(s) shall have the authority to establish additional appropriation accounts in accordance with established City practice.
G. All monies in the Fund shall be held separate and apart from other City funds and shall be expended upon the authority of the General Manager of the Department of Transportation or the General Manager’s designee(s), in accordance with this Ordinance, the Specific Plan, and LAMC Section 19.19.
Notwithstanding the above, any funds in the Mitigation Requirements Account, Transit Account or Glencoe Avenue Improvement Account shall be expended upon the authority of the General Manager of the Department of Transportation or the General Manager’s designee(s) in accordance with Ordinance Nos. 160,394, 168,999, and 169,000.
H. All monies loaned from the Fund shall be repaid to the Fund in accordance with the terms of the loan. The repaid principal and interest shall be placed in the Fund.
I. Any gifts, contributions or other money received for the stated purposes of the Fund and accepted by the City in accordance with the Charter and Codes shall be placed in the Fund. Monies not expended from the Fund at the close of any fiscal year shall not revert to the Reserve Fund of the City, but shall remain in the Fund.
J. Severability. If any portion, subsection, sentence, clause or phrase of this ordinance is for any reason held by a court of competent jurisdiction to be invalid, such a decision shall not affect the validity of the remaining portions of this ordinance. The City Council hereby declares that it would have passed this ordinance and each portion or subsection, sentence, clause and phrase herein, irrespective of the fact that any one or more portions, subsections, sentences, clauses or phrases be declared invalid.
SECTION HISTORY
Article and Sec. Added by Ord. No. 169,000, Eff. 9-17-93.
Amended by: In Entirety, Ord. No. 186,103, Eff. 6-28-19.