(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the “Street Damage Restoration Fee Special Fund” hereinafter referred to in this article as the “Fund”.
(b) The Fund shall be used only for street surfacing, resurfacing, repair and reconstruction, and laboratory fees, testing, materials, engineering, salaries and overhead associated therewith.
(c) All interest and other earnings from monies placed in the Fund shall be credited to the Fund and shall be devoted to the purposes of the Fund as stated herein.
(d) Appropriations from the Fund shall be approved by a majority of the City Council, subject to the approval of the Mayor, or passage by the Council over the Mayor’s veto by a two-thirds vote. The Department of Public Works shall cause the necessary demands to be drawn upon the Fund.
(e) Monies not expended from the Fund in any fiscal year shall not revert to the Reserve Fund, but shall remain in the Fund.
Article and Section Added by Ord. No. 171,923, Eff. 3-27-98.