(a) There is hereby created and established within the Treasury of the City of Los Angeles a special trust fund to be known as the “Greater Los Angeles Visitors and Convention Bureau Trust Fund,” hereafter referred to in this article as the “Fund.”
(b) Of the transient occupancy taxes received by the City which are attributable to the period commencing on July 23, 1978 and continuing thereafter, a portion which is equal to the amount which would be derived from a transient occupancy tax imposed at the rate of one percent (1%) shall be placed in the fund.
(c) Expenditures from the Fund shall be made solely to finance the promotion and advertising of the City for the purpose of attracting conventions, trade shows and tourism to the City.
(d) The Greater Los Angeles Visitors and Convention Bureau shall have the exclusive right to make expenditures from the Fund pursuant to written contract with the City.
(e) Within three (3) months after the end of each fiscal year, the Greater Los Angeles Visitors and Convention Bureau shall render to the City Council a report concerning expenditures made from the Fund during such previous fiscal year.
(f) Notwithstanding any other provision of this section, the Council expressly reserves the right to transfer monies from the Fund to the General Fund upon a majority vote of the Council and approval by the Mayor.
SECTION HISTORY
Amended by: Subsec. (b), Ord. No. 151,115, Eff. 7-23-78, Oper. 10-20-78; Subsec. (b), Ord. No. 158,259, Eff. 10-1-83, Oper. 7-14-83; Subsec. (f) added, Ord. No. 168,136, Eff. 9-4-92.