(a) There is hereby created in the Treasury of the City of Los Angeles a special fund to be known as the "Opioids Settlement Trust Fund", hereinafter referred to in this chapter as the "Trust Fund".
(b) The purpose in establishing the Trust Fund is for the receipt, retention and disbursement of funds received through settlement or resolution (including through bankruptcy proceedings) of the City of Los Angeles's claims against various opioid manufacturers, distributors, and retailers named as defendants in the action entitled City of Los Angeles v. Purdue Pharma L.P., et al., Case No. 1:18-OP-45601-DAP (the "City's Opioids Claims").
(c) The City Controller is hereby authorized to:
(1) Deposit into the Trust Fund any and all monies received by the City through resolution of the City's Opioids Claims, including monies received through settlement and bankruptcy proceedings;
(2) Create those accounts within the Trust Fund, as determined by the City Administrative Officer, that are necessary to track the various payments obtained through resolution of the City's Opioids Claims and to ensure that those funds are spent in accordance with the terms of applicable laws, settlement agreements, bankruptcy plans, and directions from the City Council;
(3) Transfer funds among the accounts created in the Trust Fund, as determined necessary by the City Administrative Officer; and
(4) Disburse funds from the Trust Fund, or any account created thereunder, pursuant to a spending plan adopted by the City Council as part of the City's annual budgeting process, or otherwise.
(d) The monies in the Trust Fund shall be used consistently with the requirements of the settlement agreement, approved bankruptcy plan, or other document giving rise to the payment to the City of Los Angeles. The monies shall also be used consistently with the applicable California State-Subdivision Agreement Regarding Distribution and Use of Settlement Funds, or any similar document or regulation to which the City is bound with respect to the specific funds at issue.
(e) All interest and other earnings attributable to monies in the Trust Fund shall be credited to the Trust Fund and shall be devoted to the purposes of the Trust Fund.
(f) The Trust Fund shall be administered by the City Administrative Officer.
(g) Monies not disbursed in any fiscal year from the Trust Fund, or in any of the accounts within the Trust Fund, shall remain in the Trust Fund and shall be devoted to the purposes of the Trust Fund.
SECTION HISTORY
Added by Ord. No. 187,705, Eff. 1-18-23.