(a) Establishment of Fund. The Mayor's Performing Arts Loan Fund is established as a category four fund to receive any grants, gifts and bequests from public or private sources for this purposes, any monies appropriated to the County for the fund by the Legislature and any monies appropriated to the fund by the Board of Supervisors, including all principal repayments, fees, charges and other interest collected from participating parties.
(b) Use of Fund. The fund shall be used exclusively for the purpose of making construction project management, capital improvement and acquisition loans to nonprofit performing arts organizations pursuant to Chapter 50 of the San Francisco Administrative Code. The monies in this fund may be appropriated exclusively for the purposes and in the manner designated pursuant to Chapter 50 of the San Francisco Administrative Code. Costs which may be incurred in administering said Chapter may be recovered from interest payments deposited in this fund. Recovered costs shall not exceed 1/3 of the total interest payments received.
