There is hereby created and established within the Treasury of the City of Los Angeles a special trust fund to be known as the Parks Assessment Fund (the “Assessment Fund”) for the deposit and use of assessments collected pursuant to Proposition K, approved by the voters on November 5, 1996. The Assessment Fund shall be administered by the Director of the Office of Administrative and Research Services. All interest earnings accruing on money in the Assessment Fund shall be credited to, and used for the purposes of, the Assessment Fund. Money not expended from the Assessment Fund in any fiscal year shall not revert to the Reserve Fund, but shall remain in the Assessment Fund.
SECTION HISTORY
Chapter and Section Added by Ord. No. 172,855, Eff. 11-8-99.
Amended by Ord. No. 172,960, Eff. 1-22-00; Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00.