The board may consider and adopt rules for the acceptance and disbursement of grants, provided, however, that the cost of administering any grant, less any payment for grant administration made to the corporation by the granting authority, shall in no case exceed 5 percent of the operating budget of the corporation in any calendar year.
Cal. Fin. Code § 32721
Special Projects
Known as the State Assistance Fund for Enterprise Act
The act spans §§ 32000 to 32823 (65 sections).
Amended by Stats. 2004, Ch. 25, Sec. 16
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.