(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the "Measure M – Local Return Special Fund", hereinafter referred to in this chapter as Local Return Fund.
(b) The purpose of the Local Return Fund shall be for receiving and distributing the portion of funds allocated to the City of Los Angeles from Measure M, an additional one-half cent sales tax increase approved by Los Angeles County voters on November 8, 2016, for Measure M eligible transportation projects and expenditures, and revenues generated by the projects, to improve transportation, transit service and ease traffic congestion as the Council may direct.
(c) The Local Return Fund shall be administered by the General Manager of the Department of Transportation.
(d) All Local Return Fund revenues and earnings shall be retained in the Local Return Fund to be used solely for the purposes described in Subsection (b) of this chapter. When all projects are completed, any remaining money shall remain in the Local Return Fund until the Council takes further action.
(e) Pursuant to City Charter Section 344, money in the Special Fund shall not revert to the Reserve Fund of the City.
SECTION HISTORY
Chapter and Section Added by Ord. No. 185,249, Eff. 12-23-17.