(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the "Foreclosure Registry Program Fund" (Fund).
(b) The purpose of the Fund shall be the receipt, retention and disbursement of funds received by the Los Angeles Housing Department pursuant to Article 4 of Chapter XVI of the Los Angeles Municipal Code (LAMC). The Fund shall also be used for the disbursement of monies transferred into the Fund by the City Council.
1. Disbursement of funds shall include the reimbursement of monies to the City's General Fund for proactive external inspections of certain properties pursuant to LAMC Section 164.06 B.
(c) The Fund shall be administered by the General Manager of the Los Angeles Housing Department (General Manager) or the General Manager's designee(s), in accordance with established City practices.
(d) Disbursement of funds requires the approval of the General Manager or the General Manager's designee(s). No expenditure shall be made from this Fund without the prior approval of the General Manager or the General Manager's designee.
(e) The General Manager shall inform the Controller of any special condition or restriction imposed upon any monies accepted for deposit in the Fund.
(f) The General Manager is authorized to establish procedures to carry out the provisions of this article.
(g) The Fund shall be interest bearing. All interest and other earnings attributable to monies in the Fund shall be credited to the Fund and devoted to the purposes of the Fund.
(h) The General Manager shall maintain appropriate accounting records of the actual costs of the services rendered pursuant to the Fund. Penalties collected in connection with Article 4 of Chapter XVI of the LAMC shall be placed in a subaccount within the Fund and may be allocated by City Council for any purpose. A year-end report shall be prepared which shall be submitted within 90 days after the close of each fiscal year. Uncommitted funds remaining in this Fund at the close of any fiscal year shall not revert to the Reserve Fund, but shall remain in the Fund.
SECTION HISTORY
Added by Ord. No. 183,282, Eff. 12-20-14.
Amended by: Ord. No. 187,122, Eff. 8-8-21.