(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 Proposition K Bonds Match Fund (the “Fund”) for the deposit and use of matching money received for projects funded from bonds issued under Proposition K: the L.A. for Kids Program.
(B) The purpose of the Fund is for the receipt of money from City and non-City sources that will serve as matching money contributions for park and recreational capital projects being funded with bonds issued under Proposition K: the L.A. for Kids Program. Each project required to provide matching funds shall have its own account within the Fund. Money in each project account shall only be used to pay for the design, construction and/or acquisition costs of the project and cannot be transferred to another project without the written consent of the contributor of the money. Money in each project account up to the amount of the official match amount for the project, which shall be determined by the Director of the Office of Administrative and Research Services at the time of the issuance of the related bonds, shall be used before bond proceeds are used on the project. If any of the official match amount for a project is provided for elsewhere other than in the Fund, the money in the project account shall not be used until such other matching funds have been used first. Any money in excess of the official match amount shall be payable to the entity responsible for operating the project.
(C) The Fund shall be administered by the Director of the Office of Administrative and Research Services. All interest earnings accruing on money in the Fund shall be credited to each account in the Fund to which they are attributable and shall be devoted to the purposes thereof. Money not expended from the Fund in any fiscal year shall not revert to the Reserve Fund, but shall remain in the 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.