Los Angeles Municipal Code Ch. 164 Warner Center Cultural Amenities Trust Fund

Section 5.570 Creation and Administration of the Fund.

(a) There is hereby created and established within the Treasury of the City of Los Angeles a special fund to be known as the “ Warner Center Cultural Amenities Trust Fund” (the “Fund”).

(b) The purpose of the Fund shall be the receipt, retention and disbursement of funds required to be collected and deposited into the Fund pursuant to the Warner Center 2035 Plan, as amended from time to time.

(c) The Department of City Planning shall administer the Fund in accordance with the Warner Center 2035 Plan, as amended from time to time, and established City practices for administering trust funds.

(d) Pursuant to the Warner Center 2035 Plan, the Department of Building and Safety shall collect all fees that would otherwise be contributed into the Citywide Arts Fund under to the Arts Development Fee Ordinance, Ordinance No. 166,725, from projects located within the Warner Center 2035 Plan area, and shall remit all such funds to the Treasurer for deposit into Fund.

(e) All monies from the Fund shall be expended for the purposes set forth, and subject to the provisions and limitations expressed in the Warner Center 2035 Plan, as amended from time to time.

(f) All interest or other earnings from money received into the Fund shall be credited to the Fund and devoted to the purposes of the Fund.

(g) Monies not expended from the Fund at the close of any fiscal year shall not revert to the Reserve Fund, but shall remain in the Fund.

(h) The Director of Planning shall maintain appropriate accounting records of the actual costs of the services rendered pursuant to the Fund. The Director of Planning shall report annually to the Chief Legislative Analyst regarding and identifying all receipts into and all expenditures out of the Fund, as well as the purpose for which each expenditure was made. Each report shall cover a fiscal year and shall be submitted within 90 days after the close of that fiscal year.

SECTION HISTORY

Chapter and Section Added by Ord. No. 184,838, Eff. 5-9-17.