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(a) Creation of Fund. All fees, charges, rentals and revenue from every source collected by the Harbor Department in connection with its possession, management and control of the Harbor District and Harbor Assets, shall be deposited in the City Treasury to the credit of the Harbor Revenue Fund.
(b) Use of Funds. The money in the Harbor Revenue Fund shall not be appropriated or used for any purposes except the following:
(1) Operation and Maintenance. For the necessary expenses of operating the Harbor Department, including the operation, promotion and maintenance of the Harbor Assets for Departmental Purposes.
(2) Development of Assets. For the acquisition, construction, completion and maintenance of Harbor Assets for Departmental Purposes, and for the acquisition or taking by purchase, lease, condemnation or otherwise of property, real or personal, or other interest necessary or convenient for Departmental Purposes.
(3) Payment of Bonds. For the payment of the principal and interest of bonds issued by the department or by the City for Departmental Purposes.
(4) Pension Contributions. For defraying the expenses of any pension or retirement system applicable to the employees of the department.
(5) Reimbursements. For reimbursements to another department or office of the City on account of services rendered, or materials, supplies or equipment furnished to support Departmental Purposes.
The Board of Water and Power Commissioners shall consist of five members appointed and removed as provided in Section 502.
The City of Los Angeles shall continue in the ownership and enjoyment of all the rights to the water of the Los Angeles River, vested in it and its predecessors, including the Pueblo of Los Angeles, and is hereby declared to have the full, free and exclusive right to all the water flowing in the river and also the exclusive ownership of, and the exclusive right to develop, economize, control, use and utilize all the water flowing beneath the surface in the bed of the river at any point from its sources to the intersection of the river with the southern boundary of the City.
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