Los Angeles Administrative Code § 5.426 Creation and Administration of the Fund.
Sec. 5.426. Creation and Administration of the Fund.
(a) There is hereby created and established within the Treasury of the City of Los Angeles a special trust fund to be known as the “City Attorney Forfeited Assets Trust Fund,” hereinafter referred to in this chapter as the “Fund.”
(b) All monies currently in the possession of, and to be received by, the City Attorney pursuant to Section 881(e) of Title 21 of the United States Code and all regulations and guidelines promulgated thereunder shall be deposited in the Fund.
(c) All interest and other earnings attributable to monies in the Fund shall be credited to the Fund.
(d) The Fund shall be administered and all expenditures therefrom shall be authorized by the City Attorney or the City Attorney’s designee. No expenditure may be made from the Fund except for purposes authorized by Section 881(e) of Title 21 of the United States Code and all regulations and guidelines promulgated thereunder.
(e) The City Attorney shall report to the City Council regarding the Fund on an annual basis within 90 days after the close of the City’s fiscal year. Such reports shall identify all receipts into, and all expenditures out of, the Fund, as well as the purpose for which each expenditure was made.
SECTION HISTORY
Added by Ord. No. 168,243, Eff. 10-18-92.