A. There is hereby created within the Treasury of the City of Los Angeles a special fund known as the “Warner Center Cultural Affairs Trust Fund”, hereinafter referred to in this chapter as “the Fund”, to be administered by the Cultural Affairs Department.
B. The Department of Building and Safety shall collect all fees that would otherwise be contributed into the City-wide Arts Fund pursuant to the Arts Development Fee Ordinance, Ordinance No. 166,725, from all new commercial and industrial developments in the Warner Center Specific plan area and remit all such funds to the Treasurer for deposit into the Fund.
C. All interest or other earnings from money received into the Fund shall be credited to the Fund and devoted to the purposes set forth herein.
D. All monies from the Fund shall be expended for the purpose of providing cultural and artistic facilities, services and community amenities, which shall be available to Projects and their future employees in the Warner Center Specific Plan area, as provided in Section 17 of the Warner Center Specific Plan.
E. Expenditures shall only be authorized by the General Manager of the Cultural Affairs Department or a designee.
SECTION HISTORY
Chapter and Sec. Added by Ord. No. 168,869, Eff. 8-9-93.