A. Fee Revenues. The fee revenues distributed by the South Coast Air Quality Management District to the city pursuant to Section 44243 of the Health and Safety Code shall be accepted by the fee administrator and deposited into a separate interest-bearing trust fund account in a financial institution authorized to receive deposits of city funds. All interest earned by the trust fund account shall be credited only to that account.
B. Expenditure of Air Quality Trust Revenues. All revenues distributed to the city by the South Coast Air Quality Management District pursuant to Section 44243 of the Health and Safety Code and deposited in the trust fund account pursuant to this chapter shall be expended solely on mobile source emission reduction programs. Such revenues, and any interest earned on the revenues, shall be expended within one year of the completion of the programs.
C. Audits. The city consents to an audit of all programs and projects funded by fee revenues received pursuant to Section 44243 of the Health and Safety Code. The audit may be conducted by an independent auditor selected by the South Coast Air Quality Management District as provided in Sections 44244 and 44244.1(a) of the Health and Safety Code, or the audit may be conducted by the city as part of its regular annual audit. In either case, the cost of the audit may be charged against the trust fund.
(Ord. 47 § 2 (part), 1992: Ord. 3 § 1 (part), 1991: prior code § 13.10.040)