(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the "Village at Westfield Topanga Trust 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 all monies apportioned by the Mayor and City Council as subvention payments for the Village at Westfield Topanga Development Project (Project) located within the Warner Center region of the City (the Economic Development Subsidy) 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.
(c) The Fund shall be administered by the City Administrative Officer or his or her appointee (the Fund Administrator).
(d) The Fund shall be annually budgeted by the Mayor and the Council in an amount equal to the approved annual subvention payment attained or otherwise owing for the Project pursuant to the Subvention Agreement as reported by the Fund Administrator.
(e) Expenditures from the Fund shall be made by the Fund Administrator solely to fund the annual subvention payment due under the Subvention Agreement until the subvention amount has been paid or the subvention term has expired in accordance with and subject to the terms and conditions of the Subvention Agreement.
(f) The Fund Administrator shall maintain records and shall report on an annual basis to the City Council and Mayor, or their designees, all subvention payments made pursuant to the Subvention Agreement. Such report shall be made available to the public and through the City's internet website, and shall contain all information required pursuant to the provisions of Government Code Section 53083.
The Fund Administrator shall also provide the other reports and meet the procedural requirements set forth in Government Code Section 53083, including, but not limited to, scheduling an annual public hearing before the City Council to consider comments regarding the annual report.
(g) All interest and earnings attributable to the monies in the Fund shall be credited to the Fund and shall be devoted to the purpose thereof.
(h) At the close of each fiscal year, monies not expended from the Fund, or any account 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. 183,117, Eff. 8-6-14.