D.P.S. and the board shall establish by January 1, 1991, a program (the "credit program") whereby contractors may receive credit applicable to meeting the requirements set forth in subsections (a) and (d) of Section 2-92-440, based on their utilization of M.B.E.s and W.B.E.s in projects not involving governmental funding. The credit program shall be reviewed annually by the board and D.P.S. and may be suspended by the board upon a finding of substantial evidence of fraud in connection with the application for credits. The credit program shall include the following features:
(a) Credits shall be awarded by the board only for the use of M.B.E.'s or W.B.E.'s in projects which do not have affirmative action goals mandated by law or contract or to the extent of use in excess of such mandated affirmative action goals.
(b) One dollar of credit shall be earned for each three dollars of eligible use.
(c) Credits shall be awarded only to the party responsible for hiring the M.B.E. or W.B.E. and if there is more than one responsible party, credits shall be allocated ratably among such parties in order to prevent duplication.
(d) Credits may be applied at the time a contract is awarded against the requirements set forth in subsections (a) and (d) of Section 2-92-440 to reduce the requirements, dollar of requirement for dollar of credit, up to a maximum credit of five percent of the dollar value of the contract.
(e) Credits may not be applied more than one year after being awarded by the board.
(Prior code § 26-112; Added Coun. J. 7-31-90, p. 19319; Amend Coun. J. 9-4-02, p. 92670, § 3)