(a) There is created and established in the Treasury of the City of Los Angeles, a special trust fund for each of the 15 Council Districts of the City of Los Angeles. Each fund shall be known as the "Council District ____ Real Property Fund", and inserted following "District" and preceding "Real" shall be the number of the Council District for which the fund was created. Each fund shall be referred to in this chapter as the "Fund" and collectively be referred to as the "Funds". For all sales of Surplus City real property or the sale or lease of City-owned real property which has been designated by the Council for economic development opportunities under the Asset Management Framework Policy as approved by the Council, located in the City of Los Angeles, except for property located in the Venice Area, as that term is defined in Section 5.121 of this Code, including, but not limited to, Sections 5.121, 5.121.2 and 5.547, 50 percent of all net proceeds collected from each sale or lease, to the extent allowed by law, shall be placed into the Fund for the Council District in which the real property is located, to be used for the purposes set forth below; except, however, for the sale of any surplus properties in the City of Los Angeles approved by City Council for use in support of the City's "Using Public Land for Affordable and Homeless Housing" strategy, completed on or after July 1, 2016, and prior to July 1, 2017, net proceeds shall be distributed as provided in Section 7.33.1 of this Code.
Additionally, 50% of all oil pipeline franchise fees collected by the City of Los Angeles shall be placed in each Fund according to the following fee allocation:
1. Twenty-five percent of all oil pipeline franchise fees shall be equally distributed to each individual Council District Real Property Trust Fund, except, however, for oil pipeline franchise fees received on or after July 1, 2010, and prior to July 1, 2011, in which case the twenty-five percent of fees that would otherwise be distributed to each individual Council District Real Property Trust Fund shall instead be deposited in the General Fund of the City of Los Angeles.
2. Twenty-five percent of all pipeline franchise fees shall be distributed to individual District Funds based upon the amount of pipeline footage located within each respective Council District, except, however, for oil pipeline franchise fees received on or after July 1, 2010, and prior to July 1, 2011, in which case the twenty-five percent of fees that would otherwise be distributed to each individual Council District Real Property Trust Fund shall instead be deposited in the General Fund of the City of Los Angeles.
3. All oil pipeline franchise fees deposited into Council District Real Property Trust Funds shall be expended solely upon public right-of-way infrastructure improvements, provided, however, that during the 2010-11 Fiscal Year those monies may be expended on public right-of-way infrastructure improvements and maintenance.
(b) “Surplus City real property” is defined as those parcels of real property owned by the City of Los Angeles and neither dedicated to public use, such as recreation and park use or public street use, nor permanently devoted to some public use.
(c) “Net proceeds” shall mean the gross sale price received for a parcel of real property minus escrow charges, title policy charges, appraisal charges, advertising costs, and any and all other costs and expenses attributable to conducting the sale and/or leading up to the sale of the property.
(d) The monies in each Fund shall be devoted to the acquisition of real property interests or the construction or maintenance of improvements upon real property owned by the City, or for the funding of human service programs or assisting City Departments with operating program funds, or for approved economic development projects or programs, including public infrastructure projects, development and operational subsidies, or technical assistance within the Council District for which the fund was created.
(e) An additional purpose of the Funds shall be for the receipt, retention and disbursement of gifts, contributions and bequests. All gifts, contributions and bequests to the City for the purposes set forth in this chapter shall be submitted to the City Council for acceptance or rejection.
(f) The City Clerk shall inform the Controller of any special terms or conditions placed upon the use of all monies accepted for deposit in the Fund. The Controller shall establish a separate account in the Fund for each specific use for all accepted monetary gifts, contributions or bequests which contain any special term or condition. No money shall be expended from the Fund except in compliance with each special term or condition under which such money was accepted. Any request for an expenditure of money from any such separate account shall be accompanied by sufficient information for the Controller to determine that the proposed expenditure would not contravene the specific use for which such separate account was established.
(g) The Funds shall be administered by the City Clerk. Expenditures from the Funds shall be authorized by the Council.
(h) All interest and other earnings attributable to monies in the Funds shall be credited to the Fund to which they are attributable and shall be devoted to the purposes thereof.
(i) The City Clerk shall report to the City Council and Mayor regarding and identifying all receipts into each Fund and all expenditures out of each Fund, as well as the purposes for such expenditures. Each report shall cover a fiscal year and shall be submitted within 60 days after the close of said fiscal year.
SECTION HISTORY
Chapter and Section Added by Ord. No. 171,570, Eff. 5-31-97, Oper. 1-1-97.
Amended by: Subsec. (a), Ord. No. 177,247, Eff. Eff. 2-18-06; Subsec. (a), Ord. No. 180,206, Eff. 10-26-08; Subsec. (a), Ord. No. 180,764, Eff. 8-8-09; Subsecs. (a)1., (a)2. and (a)3., Ord. No. 181,266, Eff. 9-18-10, Oper. 7-1-10; Subsec. (a), Ord. No. 184,511, Eff. 11-5-16; Subsecs. (a) and (d), Ord. No. 185,956, Eff. 3-6-19.