[Derived from Secs. 113, 114 and 115 of Ch. III of Charter and Ordinances, 1974]
The Local Assessment Fund and the Local Assessment Paving Fund heretofore established in the Department of Audit and Control are hereby consolidated and continued as a single fund to be known as the "Local Assessment Fund."
A. 
Whenever any work is done by the City, the cost of which is determined or required by the Charter or an ordinance, resolution or local law to be paid wholly or partially by local assessment upon the property benefited, so much of the cost of such work as is payable by local assessment shall be paid from the local Assessment Fund.
B. 
Whenever the cost of the work is directed by the Council to be assessed in a single amount and the expense thereof does not exceed $2,000, the work may be ordered before the assessment roll is confirmed, and the cost and expense thereof may be paid when the assessment is ordered by the Council; otherwise, no contract shall be awarded until the local assessment roll is confirmed. The cost and expense of said work shall be payable out of the Local Assessment Fund upon vouchers of the head of the City agency doing the work after audit by the Auditor and upon warrants drawn against said fund.
C. 
Whenever such assessment is directed by the Council to be payable in more than one installment, the work shall not be ordered until the local assessment roll is confirmed; and when confirmed and placed on collection, the cost and expense of the work shall be payable out of the Local Assessment Fund upon vouchers of the head of the City agency doing the work after audit by the Auditor and upon warrants drawn against said fund.
D. 
The amounts of such local assessment, together with interest thereon and additions thereto, when collected or when included in a sale for the nonpayment of taxes, shall be credited to the Local Assessment Fund.
Whenever the Local Assessment Fund is about to become exhausted, the Comptroller shall report that fact to the Council, and the Council shall take such action as may be necessary to replenish the fund.