(a) There is established in the Treasury of the City of Los Angeles a special fund, named the "Measure R – Local Return Special Fund" (Local Return Fund), for the purpose of receiving and disbursing funds from Measure R, an additional one-half cent sales tax increase approved by the voters in 2008, for Measure R eligible transportation projects and expenditures, and revenues generated by the projects, including but not limited to, fare and advertising revenues, and other funds as the Council may direct. The Local Return Fund shall be administered by the General Manager of the Department of Transportation. All Local Return Fund revenues and earnings shall be retained in the Local Return Fund to be used for its purposes only. When all projects are completed any remaining money shall remain in the Local Return Fund until the Council directs otherwise. Pursuant to City Charter Section 344, money in the Special Fund shall not revert to the Reserve Fund of the City.
(b) There is established in the Treasury of the City of Los Angeles a special fund, named the "Measure R – Bus Operations Special Fund" (Bus Operations Fund), for the purpose of receiving and disbursing the funds from Measure R for bus operations eligible projects and expenditures, and revenues generated by the projects, including, but not limited to, fare and advertising revenues, and other funds as the Council may direct. The Bus Operations Fund shall be administered by the General Manager of the Department of Transportation. All Bus Operations Fund revenues and earnings shall be retained in the Bus Operations Fund to be used for its purposes only. When all projects are completed any remaining money shall remain in the Bus Operations Fund until the Council directs otherwise. Pursuant to City Charter Section 344, money in the Bus Operations Fund shall not revert to the Reserve Fund of the City.
SECTION HISTORY
Chapter and Section Added by Ord. No. 181,150, Eff. 6-6-10.