(A) Receipt of fee. The additional vehicle registration fees disbursed by the SCAQMD and remitted to the city, pursuant to this chapter, shall be accepted by the Fee Administrator.
(B) Establishment of Air Quality Improvement Fund. The Fee Administrator shall establish a separate interest-bearing special revenue fund account (the fund) in a financial institution authorized to receive deposits of city funds.
(C) Transfer of funds. Upon receipt of the vehicle registration fees, the Fee Administrator shall deposit such funds into the separate account established pursuant to division (B) of this section. All interest earned by the fund shall be credited only to that account.
(D) Expenditure of Air Quality Trust Fund revenues. All revenues received from the SCAQMD and deposited in the fund shall be exclusively expended on mobile source emission reduction programs as defined in § 3.50.020. Such revenues shall be expended within one year of the completion of the programs.
(E) Audits. The city consents to an audit of all programs and projects funded by vehicle registration fee revenues received from the SCAQMD pursuant to Cal. Health and Safety Code § 44223. The audit shall be conducted by an independent auditor selected by the SCAQMD as provided in Cal. Health and Safety Code § 44244.1.
(`83 Code, § 3.22.030) (Ord. 91-07 § 2 (part), 1991)