(a) Creation and Purpose of the Fund. There is hereby created within the Treasury of the City of Los Angeles a trust fund known as the CalHome Trust Fund (Fund). The purpose of the Fund is for the receipt and disbursement of approximately $1,000,000.00 in funds from the State of California to be used to provide mortgage assistance to low income home buyers. The Fund shall also be authorized to accept any other appropriations, transfers, gifts, contributions or other monies designated for the purposes of the Fund.
(b) Administration and Expenditures. The Fund shall be administered by the Los Angeles Housing Department for the receipt and disbursement of monies associated with the State CalHome Program.
(c) Accounting. The Controller shall establish and identify the appropriate techniques for accounting for all monies within the Fund, including the establishment of separate accounts as necessary, and shall not commingle monies within the Fund with other City revenues or funds, except for temporary investments.
(d) Interest Earnings. 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.
(e) Reversion. 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
Added by Ord. No. 175,442, Eff. 10-8-03.
Amended by: Ord. No. 182,718, Eff. 10-30-13; Ord. No. 187,122, Eff. 8-8-21.