(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 “Staples Center Trust Fund”, hereinafter referred to in this chapter as the “Fund”.
(b) The purpose of the Fund is for the receipt, retention and disbursement of monies which are “credits against repayment obligations” as set forth Article 3.8 of the GAP Funding Agreement between the City of Los Angeles and L.A. Arena Land Company, Inc. and L.A. Arena Company, LLC dated as of March 26, 1998. (GAP Funding Agreement) including, but not limited too, the Admissions charge as defined in the GAP Funding Agreement.
(c) The Fund shall be administered by the Director of the Office of Administrative and Research Services, or its successor department. Expenditures therefrom shall be in conformance with the terms and conditions of the GAP Funding Agreement.
(d) All interest and other earnings attributable to monies in the Fund shall be credited to the Fund and shall be devoted to the purposes of the Fund in accordance with the GAP Funding Agreement.
SECTION HISTORY
Chapter and Section Added by Ord. No. 172,696, Eff. 8-13-99.
Amended by Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00.