(a) There is hereby created and established within the Treasury of the City of Los Angeles a special fund to be known as the “Reinvestment in Accessibility, Infrastructure, and Streetscape Enhancements for Los Angeles (RAISE LA)” (Fund).
(b) Revenues deposited into the Fund shall be used exclusively related to street and transit amenities, as that term is defined in Section 5.121.7 of this Code, including, but not limited to, the following capital improvement categories, with priority being placed upon first/last mile locations:
1. Transit access improvements and transit amenities;
2. Pedestrian access and safety; and
3. Street trees.
(c) During Fiscal Year 2023-24, the first $6,050,000 of revenues deposited into the Fund shall be transferred to the General Fund together with any accumulated interest.
(d) The Fund shall be administered by the Board of Public Works, or its designee. All interest and other earnings accruing on money in the Fund shall be credited to the Fund and shall be devoted to the purposes of the Fund. Pursuant to Charter Section 344, money in the Fund shall not revert to the Reserve Fund of the City.
(e) Beginning in the fourth quarter of each fiscal year, surplus funds may be transferred from the Fund to the Reserve Fund of the City with the approval of the Council and Mayor.
SECTION HISTORY
Article and Section Added by Ord. No. 188,009, Eff. 11-22-23.