(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 A Maintenance and Servicing Fund".
(b) The purpose of the Measure A Maintenance and Servicing Fund (the "Maintenance Fund") shall be for the receipt, retention, and disbursement of funds received by the City of Los Angeles from the RPOSD for activities funded under the Maintenance and Servicing funding category of Measure A.
(c) The Maintenance Fund shall be administered by the Department of Recreation and Parks, and expenditures from the Maintenance Fund shall be authorized by the Board of Recreation and Park Commissioners. All monies in the Maintenance Fund shall be expended exclusively to pay for services, labor, and expenses, including administrative costs, specifically related to activities funded under the Maintenance and Servicing funding category of Measure A.
(d) All interest and earnings attributable to the monies in the Maintenance Fund shall be credited to the Maintenance Fund and shall be used solely for the purposes of the Maintenance Fund.
(e) Pursuant to City Charter Section 344, at the close of each fiscal year, monies not expended from the Maintenance Fund shall remain in the Maintenance Fund and shall not revert to the Reserve Fund.
SECTION HISTORY
Chapter and Section Added by Ord. No. 186,786, Eff. 11-12-20.