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.