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(a) There is hereby established in the City Treasury a special fund named the Municipal Housing Finance Fund (“Fund”). All money derived from the sale of revenue bonds, notes, or other evidences of indebtedness (“Bonds”) for residential housing developments (“Developments”), as authorized under City Charter Section 248, and such other monies as the City Council may from time to time direct, but no contribution to the payment of interest or principal due on any such Bonds shall be made from taxes imposed by the City, shall be deposited into the Municipal Housing Finance Fund (“Fund”), unless the City Council and the Mayor approve the deposit of such money directly with the trustee for the Bonds.
(b) The Fund shall be administered by the Municipal Housing Finance Administrator, who shall be appointed by the Mayor in accordance with the provisions of Charter Section 508, and shall be exempt from the provisions of Article X of the Charter. The regular term of office of the Administrator shall be two years. The Administrator shall report to the Mayor and to the City Council, or to a committee of the City Council should the City Council so direct, on a quarterly basis as to the status of the Fund and the progress of activities to carry out the purposes of the Fund. All interest or other earnings attributable to money in the Fund shall be credited to the Fund and shall be devoted to the purposes of the Fund. Pursuant to Charter Section 344 money in the Fund shall not revert to the Reserve Fund of the City.
SECTION HISTORY
Added by Ord. No. 157,032, Eff. 9-27-82.
Amended by: Ord. No. 173,302, Eff. 6-30-00, Oper. 7-1-00.
All net proceeds collected from the sales of real properties located in the Venice area of the City of Los Angeles and such grant funds as approved by the City Council, shall be placed in a trust fund to be known as the “Venice Area Surplus Real Property Fund”, which fund is hereby created and which fund shall be used for the purposes as set forth hereafter.
1. The “Venice Area” is hereby defined and described as being that portion of the City of Los Angeles bounded northwesterly by the common boundary of the City of Santa Monica and the City of Los Angeles, northeasterly by the center line of Lincoln Boulevard, southeasterly and northeasterly by the City boundary adjacent to the county’s “Marina del Rey,” southeasterly by the entrance channel of the “Marina del Rey” and southwesterly by the last natural mean high-tide line of the Pacific Ocean.
2. “Surplus Real Property” is defined as those parcels of real property owned by the City of Los Angeles and neither dedicated to public use, such as recreation and park use or public street use, nor permanently devoted to some public use.
3. “Net proceeds” shall mean the gross sale price received for a parcel of real property minus escrow charges, title policy charges, appraisal charges, advertising costs, and any and all other costs and expenses attributable to conducting the sale and/or leading up to the sale of the property.
4. Upon adoption of a resolution by the City Council, the net proceeds from the sale of any of the properties mentioned above shall be devoted exclusively to capital or non-capital projects or purchases generally within the “Venice Area” for purposes which will be of benefit to citizens of the City of Los Angeles or tourists to the Venice Beach area.
5. The Fund shall be administered by the Department of Public Works, Bureau of Financial Management and Personnel Services, in accordance with the prior approval by the City Council pursuant to Subdivision 4. of this Section.
SECTION HISTORY
Added by Ord. No. 150,484, Eff. 2-17-78.
Amended by: Para. 5., Ord. No. 170,820, Eff. 2-4-96; First Sentence, Ord. No. 173,121, Eff. 4-7-00; Paras. 4. and 5., Ord. No. 175,839, Eff. 4-17-04.
All net proceeds collected from the sale of the certain real property located on Mount Olympus Drive which is described as a portion of Lot A, Tract 4255 as per Map recorded in Book 84, page 65, of Maps in the office of the County Recorder of Los Angeles County and which was acquired by the City of Los Angeles by tax deed recorded in book 25250, page 300, of Official Records of said office, shall be placed in the trust fund to be known as the “Runyon Canyon Acquisition Trust Fund,” which fund is hereby created, to be used for the purposes as set forth hereafter:
1. To be added to such other funds as may be made available and used for the purchase of that certain real property located in Runyon Canyon and located northeasterly of that certain property known as “Wattles Gardens Park.”
2. In the event that the Council of the City of Los Angeles, the Board of Recreation and Park Commissioners of the City of Los Angeles and the Santa Monica Mountain Conservancy all agree that it is unlikely that the property in Runyon Canyon can be acquired by the City of Los Angeles, then the monies in said funds may be used for the development of other recreation and park land or facilities located within the Santa Monica Mountain Zone as that term is defined in Public Resources Code 33105. If the Conservancy should cease to exist, then the consent to be given by it may be given by the Director of the State of California, Department of Parks and Recreation. “Development” includes acquisition of land, construction of buildings, acquisition of personal property and also providing funds for the furnishing of special programs within recreation or park facilities in said zone which would not otherwise be funded. Any use other than acquisition of Runyon Canyon shall be only with the prior consent of said Council, Commissioners and the Conservancy.
3. All interest or other earnings from said fund or attributable to said fund shall be credited to said trust fund, and be devoted to the purposes set forth herein.
4. If funds are provided by donations, grants or otherwise for the express purpose of acquiring Runyon Canyon, without the right to utilize such funds for any other purposes set forth in this section, such funds shall be placed in the “Runyon Canyon Acquisition Trust Fund,” but shown as not being received for any purposes other than the acquisition of Runyon Canyon or a portion thereof. Any funds so received and not committed or used for such purpose by the date specified in the donation or grant of such funds shall be refunded to the donor or grantor following such date at the request of the donor or grantor or successor thereto, together with interest or other earnings attributable to the donated or granted funds. Nothing herein shall prohibit the use of the donated or granted funds for the acquisition of Runyon Canyon when a portion thereof is to be subsequently conveyed for other than recreation and park purposes, if the donation or grant agreement so provides.
SECTION HISTORY
Added by Ord. No. 157,036, Eff. 9-30-82.
Amended by: Subsec. 4., added by Ord. No. 157,321, Eff. 1-16-83; Article title, section title, Ord. No. 161,906, Eff. 2-22-87.
The Santa Monica Mountains Conservancy Trust Fund is hereby created. Net proceeds from the sale of parcels of real property owned by the City of Los Angeles and located in the Santa Monica Mountains, as that term is defined in California Public Resources Code Section 33105, maybe deposited in said fund if the City Council of the City of Los Angeles so designates in the Ordinance, order or resolution authorizing such sale. Other funds may be deposited therein in the discretion of the City Council. The funds in the Santa Monica Mountains Conservancy Trust Fund are to be used for open space conservation purposes within said Santa Monica Mountains, subject to the agreement of both the Council of the City of Los Angeles and the Santa Monica Mountains Conservancy or their respective successors.
SECTION HISTORY
Added by Ord. No. 161,906, Eff. 2-22-87.
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