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Sec. 5.567. Creation and Administration of the Fund.
 
   (a)   There is hereby created within the treasury of the City of Los Angeles a fund to be known as the "Council District 5 Avenue of the Stars Community Amenities Trust Fund", hereinafter referred to in this chapter as the "Fund".
 
   (b)   The Fund shall be used exclusively for improvements, pilot programs or studies to address neighborhood concerns in the area specified in paragraph (c) of this section.
 
   (c)   The Fund shall be used for the benefit of the portion of Council District 5 that is bounded by Century Park West extended by an imaginary line from the southern-most end of Century Park West at Olympic Boulevard to Pico Boulevard, Pico Boulevard, Overland Avenue, the 10 Freeway, Sepulveda Boulevard and Santa Monica Boulevard.
 
   (d)   The Fund shall be administered by the City Clerk. The Councilperson for District 5 shall make recommendations to the City Council for appropriations from the Fund. The City Council has the authority to direct the City Clerk to make expenditures from the Fund, on a project-by-project basis, so long as the expenditures comply with this section.
 
   (e)   Monies not expended from the Fund at the close of any fiscal year shall not revert to the Reserve Fund, but shall remain in the Fund.
 
   (f)   The City Clerk shall report to the City Council and Mayor regarding and identifying all receipts into, and all expenditures out of, the Fund, as well as the purposes for which the expenditures were made. Each report shall cover a fiscal year and shall be submitted within 60 days after the close of the fiscal year.
 
SECTION HISTORY
 
Chapter and Section Added by Ord. No. 182,873, Eff. 3-2-14.