(a) There is hereby created and established within the Treasury of the City of Los Angeles a special fund to be known as the "Porter Ranch Art Trust Fund", hereinafter referred to in this chapter as the "Fund".
(b) All monies received by the Department of Building and Safety pursuant to Section 5.346 of the Los Angeles Administrative Code for developments located within the Porter Ranch Land Use Specific Plan, as defined by Ordinance No. 166,068, shall be placed in this Fund. All monies received shall be deposited, invested, accounted for, and expended consistent with Government Code Section 66006. All interest and earnings of the Fund shall accrue to the Fund.
(c) Once each fiscal year, the City Council shall make findings with respect to any portion of the fee remaining unexpended or uncommitted in this Fund five or more years after deposit of the fee. These findings shall identify the purpose to which the fee is to be put and to demonstrate a reasonable relationship between the fee and the purpose for which the fee was charged.
(d) The Department of Cultural Affairs shall be responsible for maintaining the records relating to the Fund.
(e) The General Manager of the Department of Cultural Affairs is authorized to establish appropriate procedures to carry out the provisions of this chapter.
(f) No appropriation or expenditure may be made from this Fund without the prior approval of the General Manager of the Department of Cultural Affairs or a duly authorized representative.
(g) Expenditures from the Fund shall be in accordance with Section 91.107.4.6.6 of the Los Angeles Municipal Code.
(h) Refunds of monies within the Fund shall be made in accordance with Section 5.346.1 of the Los Angeles Administrative Code.
SECTION HISTORY
Chapter and Section Added by Ord. No. 185,830, Eff. 12-18-18.