(1) The powers and duties created by this Chapter shall be vested in and exercised by the Office of the Director of Finance, such duties to include the implementation of the findings, recommendations, proposals and other actions of the Minority Business Enterprise Council, acting pursuant to Sections 17-504, 17-505, and 17-506. In the event that the Director of Finance shall determine not to implement such actions, the Minority Business Enterprise Council may seek further review by the Mayor. The determination of the Mayor shall be final.

(2) This Chapter shall be applied to all types of City contracts and all City agencies. This Chapter shall be effective until January 1, 1998, unless extended by Ordinance.