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Sec. 5.549. Creation and Administration of the Fund.
 
   (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 "Council District 10 Public Benefits Trust Fund", referred to in this chapter as the "Fund".
 
   (b)   The Fund shall be used for the deposit, retention and disbursement of gifts, contributions, and bequests for the support of police and all other public benefit and community activities within Council District 10.
 
   (c)   The Fund shall be administered by the City Clerk. Expenditures from the Fund shall be authorized by the Councilmember representing Council District 10.
 
   (d)   All gifts, contributions and bequests to the City for the purposes set forth in this chapter, which exceed the sum of $5,000 in value, shall be submitted to the City Council for acceptance or rejection. All gifts, contributions and bequests to the City, which do not exceed the sum of $5,000 in value, made to the Fund for the purposes set forth in this chapter, shall be submitted to the Councilmember representing Council District 10 for acceptance or rejection.
 
   (e) The City Clerk shall inform the Controller of any special terms or conditions placed upon the use of all monies accepted for deposit in the Fund. The Controller shall establish a separate account in the Fund for each specific use for all accepted monetary gifts, contributions, or bequests that contain any special term or condition. No money shall be expended from the Fund except in compliance with each special term or condition under which the money was accepted. Any request for an expenditure of money from any of these separate accounts shall be accompanied by sufficient information for the Controller to determine that the proposed expenditure would not contravene the specific use for which the separate account was established.
 
   (f)   All monetary gifts, contributions, or bequests, which are accepted without special terms or conditions upon their use, shall be placed in a general account established in the Fund by the Controller.
 
   (g)   All interest and other earnings attributable to monies in the Fund shall be credited to the Fund and shall be devoted to the purposes of the Fund.
 
   (h)   The City Clerk shall publish a semi-annual activity report on its website of all City Council Public Benefit Trust Funds that details each financial transaction as to source, amount of each donation, detail on actual expenditures (how and where funds were spent) and method to select service provider.
 
SECTION HISTORY
 
Chapter and Section Added by Ord. No. 180,324, Eff. 12-16-08.