(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the "Council District 12 North West Valley Project Mitigation Fund", hereinafter referred to in this Chapter as the "Fund".
(b) The purpose of the Fund shall be for the receipt, retention and disbursement of funds paid to the City by the Developer (Developer) of the Village at Westfield Topanga Development Project (Project) in accordance with the Subvention Agreement approved by the City Council on March 4, 2014, as set forth in City Council File No. 11-1980-S5, as well as any other gifts, contributions or bequests to the Fund or any other monies apportioned by the Mayor and City Council to finance community amenities and/or fund public benefits and community activities within Council District 12.
(c) The Fund shall be administered by the City Clerk or his or her appointee (the Fund Administrator). Expenditures from the Fund shall be authorized by the Councilmember representing Council District 12 to fund public benefits and/or community activities within, or which benefit, Council District 12. Expenditures of any monies in the Fund which have been accepted subject to any special terms and conditions shall be expended solely in accordance with such special terms and conditions as set forth in subsection (f), below.
(d) The Fund shall be authorized to accept either a direct payment from the Developer or an allocation and transfer of funds from Council District 3 Village at Westfield Topanga Public Benefits Trust Fund as determined by the Fund Administrator of that fund in accordance with the terms of the Subvention Agreement, but not to exceed $300,000. Any such funds received by the Fund shall be administered pursuant to, and used for the purposes set forth in this Chapter.
(e) All gifts, contributions and bequests to the City for the purposes set for 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 for the purposes set for in this Chapter, which do not exceed the sum of $5,000 in value, shall be submitted to the Councilmember representing Council District 12 for acceptance or rejection.
(f) The City Clerk shall inform the Controller of any special terms and conditions placed upon the use of monies accepted for deposit into the Fund. The Controller shall establish a separate account in the Fund for each specific use for all such accepted monies which contain any special terms and conditions and expenditures of such monies shall only be made be in accordance with such special terms and conditions. Any request for an expenditure of monies from any separate account established pursuant to this subsection (f) 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.
(g) Any monies accepted for deposit into the Fund which do not contain any special terms and conditions shall be deposited into the general account established for the Fund for expenditure in accordance with the provisions of this Chapter.
(h) All interest and earnings attributable to the monies in the Fund or any account in the Fund shall be credited to the Fund or to the special account to which it is attributable, and shall be expended in accordance with the provisions of this Chapter.
(i) At the close of each fiscal year, monies not expended from the Fund, or in any of the accounts within the Fund, shall remain in the Fund and shall not revert to the Reserve Fund in accordance with Charter Section 344.
SECTION HISTORY
Chapter and Section Added by Ord. No. 183,119, Eff. 8-6-14.