Los Angeles Municipal Code Ch. 50 Residential Property Maintenance Fund

(a) There is hereby created and established in the Treasury of the City of Los Angeles a special trust fund to be known as “Residential Property Maintenance Fund”, hereinafter referred to in this chapter as the “Fund”.

(b) The Fund shall be used for the maintenance and management of City-owned residential properties under the jurisdiction of the

Department of General Services.

(c) Twenty percent (20%) of the gross rental income derived from City-owned residential properties shall be placed in the Fund.

(d) The Fund shall be administered and expenditures shall be authorized by the General Manager of the Department of General Services in accordance with established City practices, provided, however, that no expenditure shall be made from the Fund for any purpose which is contrary to the budget policy of the Department of General Services as established by the Mayor and City Council.

(e) Surplus funds in excess of those necessary for the management and maintenance of City-owned residential properties shall be

transferred from the Fund to the General Fund at the end of each fiscal year.

SECTION HISTORY

Added by Ord. No. 168,341, Eff. 12-26-92.