There are hereby created and established within the Treasury of the City of Los Angeles special trust funds to be known as the Proposition K Projects Fund (the “Projects Fund”), the Proposition K Maintenance Fund (the “Maintenance Fund”), and the Proposition K Administration Fund (the “Administration Fund”) for the deposit, respectively, of 82% of the Proposition K assessments plus all funds collected through interest and penalties for acquisitions and capital improvements, including debt service (the “Projects”), 15% of the Proposition K assessments for maintenance, and 3% of the Proposition K assessments for incidental costs, which shall include administrative costs of the City. Money in each Fund may be used for Projects, debt service, maintenance, and incidental costs. However, by the end of the 30 years duration of Proposition K, 82% of the total assessments shall have been used for Projects and debt service, 15% for maintenance, and 3% for incidental costs. The Funds shall be administered by the Director of the Office of Administrative and Research Services. All earnings by each Fund shall be retained in that Fund. Money not expended from a Fund in any fiscal year shall not revert to the Reserve Fund, but shall remain in that Fund.
SECTION HISTORY
Added by Ord. No. 172,960, Eff. 1-22-00.
Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00.