PANORAMA CITY : Katz Seeks Public Funds for Campaign

State Assemblyman Richard Katz (D-Panorama City) on Friday became only the second candidate for mayor of Los Angeles to seek public financing for his campaign when he requested $239,000 in public funds.

Earlier this month, Katz reported raising $457,000 in 1992 for his mayoral campaign from private sources, making him the third most successful fund-raiser among the 11 top mayoral candidates.

Los Angeles Councilman Michael Woo was the first mayoral candidate to seek public funding.

The Hollywood-based lawmaker asked for $339,500 from the city treasury to supplement the $877,000 he had raised from private sources.

Woo has been the race’s leading fund-raiser.

Businessman Richard Riordan is the only major candidate for the city’s top elective post who has pledged not to take public matching funds.

Riordan reported raising $674,000 in 1992.

Under the city’s ethics law, candidates may obtain public financial assistance only if they first agree to accept limits on how much they will spend overall on their campaigns.

However, candidates in the matching fund program may exceed the spending limits if other candidates who are not participating in it raise more than the limit themselves.