(A) Receipt of fee. The additional vehicle registration fees disbursed by the SCAQMD and remitted to the city, pursuant to this subchapter, shall be accepted by the Fee Administrator.
(B) Establishment of air quality improvement trust fund. The Fee Administrator shall establish a separate interest-bearing trust fund account in a financial institution authorized to receive deposits of city funds.
(C) Transfer of funds. Upon receipt of 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 trust fund account 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 trust fund account shall be exclusively expended on mobile source emission reduction programs as defined in § 94.41 of this subchapter. 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. The city may audit through the public hearing process designated by Cal. Health and Safety Code § 44244-1(c).
('64 Code, § 14-117) (Ord. 789, passed 3-14-91)