(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the Victory LA Revolving Trust Fund (the Fund).
(b) The purpose of the Fund shall be for the receipt, retention, and disbursement of all monies apportioned by the Mayor, City Council, or other department or office, including monies from the sale of equipment or otherwise received by the City in support of the Victory in LA Initiative to help connect critical supplies to hospitals, grocery associations, other critical businesses, and those in need as determined by the Fund Administrator.
(c) The Fund shall be administered by the General Manager of the Department of General Services of the City of Los Angeles (the Fund Administrator).
(d) Monies shall be deposited into the Fund from the sale of equipment or as otherwise appropriated by the Mayor, City Council, or other department or office.
(e) Expenditures from the Fund shall be made by the Fund Administrator to expand its purchasing and inventory management of critical materials, supplies, equipment, service contractors, and necessary expenses in connection with the activities of the Victory LA Initiative and reasonable expenses associated therewith.
(f) The Department of General Services shall maintain records of expenditures within the fund in conformity with standard City practices.
(g) The Department of General Services shall issue reports, schedule public hearings, and perform other activities as directed by the City Council.
(h) All interest and earnings attributable to the monies in the Fund or any account in the Fund shall be credited to the Fund and shall be devoted to the purpose of the Fund.
(i) At the close of each fiscal year, monies not expended from the Fund shall remain in the Fund and shall not revert to the Reserve Fund in accordance with Charter Section 344.
SECTION HISTORY
Chapter and Section Added by Ord. No. 186,610, Eff. 5-14-20.