Sec. 8.148.2. Establishment and Operation of Building Repair/Damage Account.

      A revolving fund account to be known as the Building Repair/Damage Account is hereby established within the Convention Center Revenue Fund. The money in the account shall be used solely to pay the cost of repairing damage caused by a licensee, contractor, subcontractor, or an agent, assignee or representative of any one or more of them to any structure, or facility in connection therewith administered by the Department. The Department shall charge said person or entity an amount sufficient to recover the total cost of repairing the damage. Incurred service costs and/or handling fees may be included in said charge. An money received by the Department or the City from licensees, contractors or subcontractors and/or their insurance carriers to pay, or to reimburse the Department of the City for such repairs, shall be deposited into said account. At the end of each fiscal year an unencumbered funds in the account in excess of $10,000.00 shall revert to and be transferred by the Controller to the Operating Revenue Account of the Convention Center Revenue Fund.

SECTION HISTORY

Added by Ord. No. 160,681, Eff. 2-22-86.

Amended by: Ord. No. 167,696, Eff. 5-7-92.

Readopted by Ord. No. 173,492, Eff. 10-10-00.