Los Angeles City Council has approved a memorandum of understanding with the 2024 Olympic bid committee to attempt to bring the Games to the USA for the first time in 28 years.

In the process, the council and the LA 2024 committee “underscored” the commitment to privately fund the whole bid process without “committing any city funds without the city’s approval”.

The council’s approval of the memorandum of understanding follows its 15-0 vote last September to support the bid. The agreement is subject to the agreement of mayor Eric Garcetti, although Garcetti said he “applauded” the approval made by the city.

“Los Angeles is ready to serve and strengthen the Olympic movement and build a new Olympic legacy,” he added.

The Californian city only became the official candidate location for the US after original choice Boston pulled out following public opposition to the bid. Los Angeles is up against a trio of European rivals – Budapest, Paris and Rome – after the German city of Hamburg withdrew following a negative referendum.

If Los Angeles wins the bid, it will be the first time the Games are hosted in the US since Atlanta 1996.

Los Angeles City Council president Herb Wesson said the “action paves the way for the continued collaboration between the City of Los Angeles and Los Angeles 2024”, while LA 2024 chair Casey Wasserman thanked the council for its “leadership and collaboration”.

“Our dream, and the city’s dream, is to deliver an outstanding Olympic and Paralympic Games in 2024, and to do so in a way that fits the long-term needs of our city,” he added.