(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the “Residential Sound Insulation Program Fund,” hereinafter referred to in this chapter as the “Fund.”
(b) The Fund shall be used only for support of the City of Los Angeles’ program to provide sound insulation for dwellings in the vicinity of the Los Angeles Airport.
(c) All Airport Improvement Program grant funds received from the Federal Aviation Administration for Noise Compatibility Program, Voluntary Acoustical Treatment of residential units, for Los Angeles Airports, and funds provided by the Los Angeles City Department of Airports for this purpose, shall be placed in the Fund.
(d) The Fund shall be administered by the Board of Public Works for purposes herein specified. The Board of Public Works will assure that sufficient support expenditure records will be maintained in sufficient detail to demonstrate that the expenditures of the Fund were used for purposes for which the grant was made by the FAA and in accordance with the provisions of the grant agreement between the City and the FAA. The Board will further assure that this Fund will be administered pursuant to the FAA Airport Improvement Program grant program.
(e) Expenditures shall be made from this Fund as provided in the General City Budget or by Council resolution unless provided otherwise by ordinance, except however that moneys in the Fund which were received by the City subject to any limitations on their use may only be expended in accordance with those limitations.
(f) All interest and other earnings from moneys placed in the Fund shall be credited to the Fund and shall be devoted to the purposes of the Fund as stated herein.
(g) Upon completion of this program, any remaining Fund balance shall revert to the Federal Aviation Administration and the Los Angeles Department of Airports in proportion to the respective level of funding provided.
SECTION HISTORY
Added by Ord. No. 168,712, Eff. 5-15-93.