(a) There is hereby created in the Treasury of the City of Los Angeles a special fund to be known as the "South Park Open Space Maintenance Trust Fund", hereinafter referred to in this Chapter as "Trust Fund".
(b) The purpose in establishing the Trust Fund is for the receipt, retention and disbursement of the South Park Open Space Maintenance Program (SPOSMP) fees collected by the City Clerk from certain property owners that are subject to the SPOSMP.
(c) Pursuant to the SPOSMP and its implementing agreements, the monies in the Trust Fund shall be used for operation, maintenance and security costs incurred by Grand Hope Park and Hope Street Family Center.
(d) Monies from the Trust Fund to be used for operation, maintenance and security costs for Grand Hope Park shall be remitted to the park's operator, Grand Hope Park, Inc., a non-profit organization (or its successor entity). Monies from the Trust Fund to be used for operation, maintenance and security costs for Hope Street Family Center shall be remitted to its operator, CHMC Hope Street Family Center Property Management, LLC (or its successor entity).
(e) All interest and other earnings attributable to monies in the Trust Fund shall be credited to the Trust Fund and shall be devoted to the purposes of the Trust Fund.
(f) The Trust Fund shall be administered by the City Clerk.
(g) Monies not disbursed in any fiscal year from the Trust Fund, or in any of the accounts within the Trust Fund, shall not revert to the Reserve Fund, but shall remain in the Trust Fund and shall be devoted to the purposes of the Trust Fund.
SECTION HISTORY
Chapter and Section Added by Ord. No. 184,449, Eff. 10-9-16.