(a) There is hereby created and established in the Treasury of the City of Los Angeles a special trust fund to be known as the “Potrero Canyon Trust Fund,” (Fund). The Fund shall be administered by the Bureau of Engineering, Department of Public Works.
(b) All proceeds from the sale of the 22 lots owned by the City of Los Angeles located adjacent to Potrero Canyon Park on DePauw Street, Earlham Street and Alma Real Drive shall be deposited into the Fund. The Fund shall be used solely for completion of all remaining phases of development and attendant projects of the Potrero Canyon Park Restoration Project and, if any funds remain thereafter, for repayment or reimbursement of advances or loans from City funds.
(c) All interest and other earnings from monies deposited into the Fund shall be credited to the Fund and shall be devoted to the purposes of the Fund, as stated in this chapter.
(d) Appropriations from the Fund shall be approved by the City Council.
SECTION HISTORY
Chapter and Section Added by Ord. No. 179,472, Eff. 2-4-08.