(a) A candidate who has met the eligibility requirements for public matching funds and who has signed a campaign contract shall be entitled to receive one dollar ($1.00) in public matching funds for each dollar received during the campaign period from any individual contribution. Neither loans nor the transfers of anything of value other than money to the candidate or the candidate's campaign committee shall be matched with public funds.
(b) If following the election wherein the candidate is elected or defeated, the candidate has unexpended campaign contributions, any surplus shall be returned to the election campaign account until the full amount of public matching funds disbursed has been returned. Any remaining unexpended campaign contributions shall be returned to the election campaign account, contributors, or to a non-profit charitable organization. All unexpended campaign contributions must be disbursed no later than the first Monday in December following the election. (Ord. No. 7684, § 1, eff. 12-30-91)
(c) A candidate who has signed a campaign contract may void the contract within fifteen (15) days after the close of filing, provided, an opponent of that candidate does not enter into a campaign contract pursuant to this subchapter; and provided further, that the candidate returns all public funds received to the election campaign account no later than ten (10) days following such event.
(Ord. No. 6300, § 1, eff. 3-4-86)
Editors Note: Subsection (b) was amended by Ord. No. 7684, adopted Sept. 3, 1991; approved at referendum Nov. 5, 1991; certified by the mayor Nov. 12, 1991; and approved by the governor Dec. 30, 1991. The measure provided for disposition of all surplus funds rather than half as before and added the third sentence.