Sec. 5.573. 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 12 North West Valley Project Mitigation 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 paid to the City by the Developer (Developer) of the Village at Westfield Topanga Development Project (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 apportioned by the Mayor and City Council to finance community amenities and/or fund public benefits and community activities within Council District 12. (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 12 to fund public benefits and/or community activities within, or which benefit, Council District 12. 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) The Fund shall be authorized to accept either a direct payment from the Developer or an allocation and transfer of funds from Council District 3 Village at Westfield Topanga Public Benefits Trust Fund as determined by the Fund Administrator of that fund in accordance with the terms of the Subvention Agreement, but not to exceed $300,000. Any such funds received by the Fund shall be administered pursuant to, and used for the purposes set forth in this Chapter. (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 12 for acceptance or rejection.