(a) There is hereby created and established within the Treasury of the City of Los Angeles a trust fund to be known as the “Special Reward Trust Fund,” hereinafter referred to in this article as the “Fund.” The Fund shall be administered by the City Clerk.
(b) In each year’s budget an appropriation may be made to the Fund as part of the appropriations to the Special Purpose Funds, and the City Council and the Mayor may appropriate other money from time to time during the year, as needed, to accomplish the payment of rewards provided for in Sections 19.123 and 19.124.1 of this article.
(c) All monetary gifts, contributions and bequests accepted by the City for the purposes set forth in this article shall be placed in the Fund. All offers of gifts, contributions and bequests to the City for the purposes set forth in this article which exceed the sum of $5,000 in value shall be submitted to the City Council for acceptance or rejection. All offers of gifts, contributions and bequests to the City for the purposes set forth in this article which do not exceed the sum of $5,000 in value shall be submitted to the City Clerk for acceptance or rejection. Each donor shall be advised that, as a condition of acceptance by the City, all interest accruing on any gift, contribution or bequest to the Fund shall be credited to the General Fund.
SECTION HISTORY
Added by Ord. No. 158,157*, Eff. 9-4-83.
Amended by: Subsec. 2, Ord. No. 166,666, Eff. 2-6-91; Ord. No. 172,876, Eff. 11-28-99.
*The Controller shall transfer all monies now existing in Fund No. 7734 in the Controller’s records and any other funds on hand or hereafter received from donors for payment of reward purposes, into the “Special Reward Trust Fund” established by this ordinance, shall maintain separate accounts in that Fund for that purpose, and shall only disburse said monies consistent with donor-imposed conditions, if any, under which the City accepted the monies and pursuant to City Council instruction.