(a) There is created and established in the Treasury of the City of Los Angeles a special fund to be known as the “City Planning Department Grants Trust Fund” (Fund).
(b) The purpose of the Fund shall be for the receipt, retention and disbursement of grant funds awarded to the City by agencies including, but not limited to, the California Department of Transportation, for development of an infill housing methodology and various land use planning activities.
(c) The Fund shall be administered by the Director of Planning, or his or her designee (Director). Expenditures from the Fund shall be authorized by the Director.
(d) The Director shall inform the Controller of any special condition or restriction imposed upon any monies accepted for deposit in the Fund. The Controller shall establish a separate account in the Fund for each specific use for accepted monies in the Fund. No money shall be expended from the Fund except in compliance with the provisions of the program for which it was accepted. Any request for an expenditure of money from the Fund or any of its separate accounts shall be accompanied by sufficient information for the Controller to determine that the proposed expenditure is consistent with the specific use for which the Fund or the separate account was established.
(e) All interest and other earnings attributable to monies in the Fund or to any of the separate accounts within the Fund shall be credited to the Fund or to the account to which it is attributable and shall be devoted to the purposes of the Fund.
(f) At the close of any fiscal year, surplus money remaining in the Fund shall remain in the Fund and shall not revert to the Reserve Fund.
SECTION HISTORY
Chapter and Section Added by Ord. No. 175,169, Eff. 5-24-03.