Los Angeles Municipal Code Ch. 193 Climate Equity Fund

(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the “Climate Equity Fund” (Fund).

(b) The purpose of the Fund shall be for the receipt, retention, and disbursement of funds from the Southern California Gas Company franchise, Ordinance No. 187354, for mitigation measures in low-income neighborhoods or populations that suffer disproportionately from climate impacts. Additional deposits into the Fund may be from any other source as directed by the City Council.

(c) All monies in the Fund shall be expended exclusively for uses consistent with the purpose of the Fund.

(d) The Fund shall be administered by the Board of Public Works or its designee. Expenditures from the Fund shall be authorized by the Board of Public Works or its designee, subject to the approval of the City Council.

(e) All interest and earnings attributable to the monies in the Fund shall be credited to the Fund and shall be devoted to the purposes of the Fund.

(f) Pursuant to Charter Section 344(a), at the close of each fiscal year, monies not expended from the Fund shall remain in the Fund and shall not revert to the Reserve Fund.

SECTION HISTORY

Chapter and Section Added by Ord. No. 187,634, Eff. 11-9-22.