(a) There is hereby established within the Treasury of the City of Los Angeles a special fund to be known as the Intellectual Property Fund. All monies received or collected from the use of such Intellectual Property shall be deposited into said fund.
(b) The Intellectual Property Fund shall be administered by, and expenditures shall be authorized by the City Clerk, or the designee thereof, subject to prior approval by the Mayor and City Council through the budgetary process. Expenditures from said Fund may be made for the establishment, maintenance and preservation of the City’s Intellectual Property. The Council expressly reserves the right to transfer funds from the Intellectual Property Fund to the General Fund upon a majority vote of the Council and approval by the Mayor.
SECTION HISTORY
Chapter and Section Added by Ord. No. 174,530, Eff. 5-26-02.