Los Angeles Municipal Code Art. 4 Proposition a Local Transit Assistance Fund

(a) There is hereby created within the Treasury of the City of Los Angeles a fund known as the Proposition A Local Transit Assistance (PALTA) Fund.

(b) All monies received by the City under the terms of the ordinance, and as such ordinance may be amended, adopted by the Los Angeles County Transportation Commission establishing a retail transaction and use tax in the County for public transit purposes and which ordinance was enacted by the passage of Proposition A at the State 1980 General Election, shall be deposited in the PALTA Fund.

(c) The Treasurer shall deposit in the PALTA Fund any interest earned from the deposit or investment of monies received pursuant to Subsection (b) above.

(d) No other monies, except as hereinabove provided, shall be deposited in the PALTA Fund.

(e) No expenditure shall be made from the PALTA Fund except for public transit purposes, in accordance with State law and any ordinance, rule, regulation, guideline or other directive adopted by the Los Angeles County Transportation Commission. Expenditures from the PALTA Fund may be made as provided in the budget or as authorized by transfers of funds approved by the Council and the Mayor in the manner provided in Charter Section 342.

SECTION HISTORY

Added by Ord. No. 156,945, Eff. 8-22-82. Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00.