Sec. 5.572. 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 Council District 3 “ Village at Westfield Topanga Public Benefits 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 funds received by the City from the developer of the Village at Westfield Topanga Development Project in accordance with the Subvention Agreement approved by the City Council on March 4, 2014, as set forth in City Council File No. 11-1980-S5, as well as any other gifts, contributions or bequests to the Fund or any other monies appropriated by the Mayor and City Council to fund public benefits and community activities within Council District 3. (c) The Fund shall be administered by the City Clerk or the City Clerk’s appointee (the Fund Administrator). Expenditures from the Fund shall be authorized by the Councilmember representing Council District 3 to fund public benefits and/or community activities within, or which benefit, Council District 3. Expenditures of any monies in the Fund which have been accepted subject to any special terms and conditions shall be expended solely in accordance with such special terms and conditions as set forth in subsection (f), below. (d) An amount of funds as determined by the Fund Administrator pursuant to the terms of the Subvention Agreement, but not to exceed $100,000, shall be allocated and transferred to the North West Valley Project Mitigation Fund. Any such funds so transferred shall be administered pursuant to the terms of the North West Valley Project Mitigation Fund and for the purposes of said fund. (e) All gifts, contributions and bequests to the City for the purposes set for in this Chapter, which exceed the sum of $5,000 in value, shall be submitted to the City Council for acceptance or rejection. All gifts, contributions and bequests to the City for the purposes set for in this Chapter, which do not exceed the sum of $5,000 in value, shall be submitted to the Councilmember representing Council District 3 for acceptance or rejection. (f) The City Clerk shall inform the Controller of any special terms and conditions placed upon the use of monies accepted for deposit into the Fund.