(a) There is hereby established within the Treasury of the City of Los Angeles a special fund to be known as the “Landfill Closure and Postclosure Maintenance Trust Fund” (the “Fund”).
(b) The Fund shall be administered and expenditures therefrom shall be authorized by the Board of Public Works or the authorized designee thereof within established City practices.
(c) Money previously appropriated to provide for first year funding for Lopez Canyon Landfill closure and postclosure maintenance, as set forth in Council File 89-0384, shall be transferred to the Fund. Such money, together with 50% of the City’s share of the revenue from the sale of electricity generated under the Lopez Canyon Landfill gas lease and 50% of the revenue from the sale of the Lopez Canyon Landfill gas collection system and any other moneys appropriated to or otherwise deposited into the Fund and interest accruing thereon, as set forth in Council Files 89-0384 and 96-0880 shall be used to defray the cost of closure of City landfills and postclosure maintenance thereon as required by law. Moneys deposited shall be invested in accordance with the provisions of the California Government Code.
(d) To comply with the California Integrated Waste Management Board requirements for closure and postclosure maintenance of the Lopez Canyon Landfill, the City Treasurer, subject to approval by the Council and Mayor, may enter into a trust agreement with a trustee and transfer money in the Fund to the trustee to be held and invested until the money is needed for closure costs.
SECTION HISTORY
Added by Ord. No. 164,896, Eff. 7-1-89,
Amended by: Title and Section, Ord. No. 168,581, Eff. 3-14-93; Subsec. (c), Ord. No. 173,052, Eff. 2-27-00.