(a) There is created and established within the Treasury of the City of Los Angeles a special trust fund to be known as the "Department of Cannabis Regulation Special Revenue 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 received by the Department of Cannabis Regulation (Department) pursuant to Chapter 10, Article 4 and 5 of the Los Angeles Municipal Code, as well as any other gifts, contributions or bequests to the Fund or any other monies appropriated by the Mayor and City Council for the purposes set forth in this Chapter. These monies shall exclude fines assessed pursuant to criminal prosecutions under Sections 104.15 and 105.06 of the Los Angeles Municipal Code, but shall not exclude monies that are for reimbursement of salaries or expenses incurred by Department employees.
(c) The Fund shall be used to purchase or pay for salaries, expenses, equipment, materials, and services in support of the Department and related functions, and shall also be used to repay cash advances received from any other fund established by the City and used for these purposes.
(d) The Fund shall be administered by the Executive Director of the Department (Director) or his or her designee. A year-end report shall be prepared, which shall be submitted within 90 days after the close of each fiscal year.
(e) All interest or other earnings attributable to money in the Fund or any account in the Fund shall be credited to the Fund and shall be devoted to the purposes of the Fund.
(f) No expenditure shall be made from this Fund without the prior approval of the Director or his or her designee.
(g) The Director is authorized to establish appropriate procedures to carry out the provisions of this Chapter.
(h) Pursuant to Charter Section 344, monies not disbursed in any fiscal year from the Fund, or in any of the accounts within the Fund, shall not revert to the Reserve Fund, but shall remain in the Fund and be devoted to the purposes of the Fund.
SECTION HISTORY
Chapter and Section Added by Ord. No. 185,626, Eff. 7-29-18.