Los Angeles Municipal Code § 20.99 Exemption

In order to promote the purposes of this article and to protect the City’s interests, City banking transactions are exempt from application of Sec. 20.98 if the City Council determines that such application would otherwise be contrary to the best interests of the City. Such determination must be based on findings made by the City Council that set forth the nature of the proposed banking transaction, the interests being protected, alternatives available to the City, if any, and the manner in which granting the exemption protects the health, safety and welfare of the City’s citizens, employees or treasury.

SECTION HISTORY

Added by Ord. No. 167,683, Eff. 4-26-92.

The Treasurer, with the assistance of the Mayor, Controller, Director of the Office of Administrative and Research Services, City Attorney and the Chief Legislative Analyst shall propose, subject to the approval of the Mayor and the City Council, rules and regulations not in conflict with this article to carry out the purposes of this article.

Such rules and regulations shall include, but not be limited to the following:

(a) Methods for encouraging banking institutions not seeking City banking business to participate voluntarily in the City’s
disclosure and ranking system;

(b) Methods to ensure that the participation of smaller banking institutions in the City’s linked banking program is not hindered by
unduly burdensome administrative requirements;

(c) The scope and structure of the system used to rank the performance of banking institutions in providing banking services to all
members of the City’s communities;

(d) The form and content of the annual disclosure statement and of the oath required from banking institutions;

(e) Standards for the gathering, interpretation and dissemination of information obtained from banking institutions and other
sources pursuant to this article;

(f) Guidelines for granting an exemption under Sec. 20.99;

(g) Methods to maintain open lines of communication between the City and the banking community.

SECTION HISTORY

Added by Ord. No. 167,683, Eff. 4-26-92.
Amended by: Ord. No. 173,348, Eff. 7-16-00, Oper. 7-1-00.

The provisions of this article shall not be applicable to those instances wherein application of Sec. 20.98 would be prohibited by federal or state law or where such application would violate or be inconsistent with the terms or conditions of a grant or contract with an agency of the United States, the State of California or the instruction of an authorized representative of any such agency with respect to any such grant or contract.

SECTION HISTORY

Added by Ord. No. 167,683, Eff. 4-26-92.