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.