(

a) Notwithstanding any other provision of this chapter,

Section shall not prohibit an advertising display in the City of Los Angeles by a not-for-profit educational academy that is exempt from taxation pursuant to

Section 501(c)(3) of Title of the United States Code, if all of the following conditions are met:

(1) The exception provided by this

section is limited to only one advertising display.

(2) The site of the academy is located immediately adjacent to State Highway Routes and in the City of Los Angeles.

(3) The academy’s curriculum focuses on providing arts and entertainment business education.

(4) The advertising display is constructed on the roof of the academy’s facility.

(5) The advertising display meets the requirements set forth in Sections and 5408.

(6) Placement or maintenance of the advertising display does not require the immediate trimming, pruning, topping, or removal of trees located on a state highway right-of-way to provide visibility to the advertising display, unless done as part of the normal landscape maintenance activities that would have been undertaken without regard to the placement of the display.

(7) Revenues accruing to the academy from the advertising display are used exclusively for the acquisition, operation, and improvement of the academy. (

b) An advertising display erected pursuant to this

section shall not advertise products or services that are directed at an adult population, including, but not limited to, alcohol, tobacco, gambling, or sexually explicit material. (

c) If an advertising display erected pursuant to this

section is removed for purposes of a transportation project undertaken by the department, the display owner shall be entitled to relocate that advertising display with no compensation for the removal or relocation, and the relocation shall be limited to a site on the property of the academy specified in subdivision (a). (

d) An advertising display erected pursuant to this

section shall not cause a reduction in federal aid highway funds, as provided in

Section of Title of the United States Code. (

e) If the academy specified in subdivision (

a) closes or otherwise ceases to operate, the advertising display permitted under this

section shall no longer be authorized and shall be removed from the property of the academy. (

f) Notwithstanding

Section 5412, if the property on which the academy specified in subdivision (

a) is sold, the seller shall remove the billboard from the property without compensation before title to the property is transferred to the buyer. (

g) The academy specified in subdivision (

a) shall prepare an audit of the revenues generated by the advertising display authorized under this

section that includes, but is not limited to, the total revenues generated from the display, the amount of revenues received by the academy, and the expenditures and uses of the revenue. The audit shall be submitted to the Controller and the Legislature on or before January 1, 2007, and every four years thereafter. (

h) The academy specified in subdivision (

a) shall comply with the provisions of the City of Los Angeles regulation designated as

Section 12.21A 7 (

l) of the Los Angeles Municipal Code. The requirements of this subdivision shall be waived if the City of Los Angeles fails to implement, comply with, and make a determination pursuant to the provisions of

Section 12.21A7 (

l) of the Los Angeles Municipal Code on or before January 1, 2005.