The proceeds of such annual special assessments shall be paid to the City Treasurer who shall place the same in a special fund, as designated by the Controller of the City of Los Angeles, to the credit of the District and payment shall be made out of such special fund only for the purposes provided for in this article for such District. To expedite the making of any such maintenance or improvement, the Council may at any time transfer into said special fund, out of any money in the General Fund, such sums as it may deem necessary, and the sums so transferred shall be deemed as a loan to such special fund, and shall be repaid out of the proceeds of the assessments provided for in this article.
If a District is organized in any year too late for the levy of a special assessment in that year or in the next ensuing year, the Council is hereby authorized to transfer funds out of the General Fund of the City to the special fund of the District to be used for the payment of the expenses of such District until such time as special assessments receipts are available therefor. The Council shall include in the levy of the special assessment for the District for the first fiscal year in which the assessment may be levied or in ensuing years, a sum sufficient to repay the City the amount so transferred to the District for the portion or portions of the preceding fiscal year or years for which no levy of assessment was made for that purpose. The amount so transferred shall be repaid into the General Fund of the City from the District fund out of the first available receipts from the assessment levied or as determined by the Council.
SECTION HISTORY
Based on Ord. No. 129,015.