Los Angeles Municipal Code Ch. 162 901 Olympic North Hotel Project Trust Fund

Section

5.568 Creation and Administration of the 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 “901 Olympic North Hotel Trust Fund”, hereinafter referred to in this Chapter as the “Fund”.

(b) The purpose of the Fund shall be for the receipt, retention and disbursement of all monies apportioned by the Mayor and City Council as subvention payments for the Courtyard By Marriot and Residence Inn Hotel Project located within the City at 901 West Olympic Boulevard (the “Project”) in accordance with the Subvention Agreement approved by the City Council as set forth in City Council File No.13-0505.

(c) The Fund shall be jointly administered by the City Administrative Officer, or the City Administrative Officer’s appointee (the “Fund Administrator”).

(d) The Fund shall be annually budgeted by the Mayor and the City Council in an amount equal to the approved annual subvention payment attained or otherwise owing for the Project pursuant to the Subvention Agreement as reported by the Fund Administrator.

(e) Expenditures from the Fund shall be made by the Fund Administrator solely to fund the annual subvention payment due under the Subvention Agreement until the subvention amount has been paid or the subvention term has expired in accordance with, and subject to the terms and conditions of, the Subvention Agreement.

(f) The Fund Administrator shall maintain records and shall report on an annual basis to the City Council and Mayor, or their designees, all subvention payments made pursuant to the Subvention Agreement. Such report shall include a running balance setting forth the subvention payments made and the anticipated future subvention payments along with the remaining anticipated unpaid subvention payment balance and date upon which the subvention term is anticipated to end.

(g) All interest and earnings attributable to the monies in the Fund or any account in the Fund shall be credited to the Fund and shall be devoted to purpose of the Fund.

(h) 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 in accordance with Charter Section 344.

SECTION HISTORY

Chapter and Section Added by Ord. No. 182,936, Eff. 4-21-14.