(a) There is hereby created and established within the Treasury of the City of Los Angeles a special fund to be known as the "Warner Center Mobility Trust Fund" (the "Fund").
(b) The purpose of the Fund shall be the receipt, retention and disbursement of monies constituting Mobility Fees (as defined in the Warner Center 2035 Plan) required to be collected and deposited into the Fund pursuant to the Warner Center 2035 Plan, as amended from time to time.
(c) The Department of City Planning shall administer the Fund in accordance with the Warner Center 2035 Plan and established City practices for administering trust funds.
(d) The Department of Transportation shall collect Mobility Fees and all other funds required to be collected and deposited into the Fund pursuant to the Warner Center 2035 Plan and remit all such fees/funds to the Treasurer for deposit into the Fund.
(e) All monies from the Fund shall be expended for the purposes set forth, and subject to the provisions and limitations expressed in the Warner Center 2035 Plan, as amended from time to time. Expenditures shall be authorized by the Director of Planning or his/her designees, subject to the prior approval of the Department of Public Works with respect to public right-of-way improvements.
(f) The Fund shall be interest bearing. Interest and any other earnings attributable to monies in the Fund shall be credited to the Fund and devoted to the purposes of the Fund.
(g) 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.
(h) The Director of Planning shall maintain appropriate accounting records of the actual costs of the services rendered pursuant to the Fund. The Director of Planning shall report annually to the Chief Legislative Analyst regarding and identifying all receipts into and all expenditures out of the Fund, as well as the purpose for which each expenditure was made. Each report shall cover a fiscal year and shall be submitted within 90 days after the close of that fiscal year.
SECTION HISTORY
Chapter and Section Added by Ord. No. 184,837, Eff. 5-9-17.