(a) Establishment of Fund. The Small Business Assistance Fund (“Fund”) is established as a category four fund as defined in Section 10.100-1 of the Administrative Code, and shall receive all taxes, penalties, interest, and fees collected from the Vacancy Tax imposed under Article 29 of the Business and Tax Regulations Code.
(b) Use of Fund. Subject to the budgetary and fiscal provisions of the Charter, monies in the Fund shall be used exclusively for the purposes described in Section 2907(b) of Article 29 of the Business and Tax Regulations Code.
(c) Administration of Fund. As stated in Section 2907(c) of Article 29 of the Business and Tax Regulations Code, commencing with a report filed no later than February 15, 2023, covering the fiscal year ending June 30, 2022, the Controller shall file annually with the Board of Supervisors, by February 15 of each year, a report containing the amount of monies collected in and expended from the Fund during the prior fiscal year, the status of any project required or authorized to be funded by Section 2907, and such other information as the Controller, in the Controller’s sole discretion, deems relevant to the operation of Article 29.
(Added by Proposition D, 3/3/2020, Eff. 4/17/2020, Oper. 1/1/2021; amended by Ord. 94-20, File No. 200420, App. 6/26/2020, Eff. 7/27/2020)