Sec. 5.462. Creation and Administration of the 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 the “ Council District 12 Los Angeles Police Division Assistance Trust Fund ” ( Fund ). (b) The purpose of the Fund shall be for the receipt, retention and disbursement of gifts, contributions and bequests, as well as monies equal in amount to salary increases waived by the Council member representing Council District 12, for assistance in the operations of any Los Angeles police division that has areas of responsibility within Council District 12. (c) The Fund shall be administered by the City Clerk. Expenditures from the Fund shall be authorized by the Councilmember representing Council District 12. (d) All gifts, contributions and bequests to the City for the purposes set forth in this chapter which exceed the sum of $5,000 in value shall be submitted to the City Council for acceptance or rejection. All such gifts, contributions and bequests to the City which do not exceed the sum of $5,000 in value shall be submitted to the Councilmember representing Council District 12 for acceptance or rejection. (e) The City Clerk shall inform the Controller of any special terms or conditions placed upon the use of all monies accepted for deposit in the Fund. The Controller shall establish a separate account in the Fund for each specific use for all accepted monetary gifts, contributions or bequests which contain any special term or condition. No money shall be expended from the Fund except in compliance with each special term or condition under which such money was accepted. Any request for an expenditure of money from any such separate account shall be accompanied by sufficient information for the Controller to determine that the proposed expenditure would not contravene the specific use for which such separate account was established. (f) All monetary gifts, contributions or bequests which are accepted without special terms or conditions upon their use, and all monies attributable to salary increases waived by the Councilmember representing Council District 12, shall be placed in a general account established in the Fund by the Controller.