The special fund known as the "Pawtucket Convergence
Fund" shall be maintained by the City of Pawtucket to cover all expenses
of the Pawtucket Convergence Arts Festival under the direction of
the Department of Planning and Redevelopment.
The Pawtucket Convergence Fund shall be maintained
by public donations, public and private grants, ticket sales, concession
and other fees and other revenue derived from and for the Pawtucket
Convergence Arts Festival. All moneys collected pursuant to this section
shall be applied to the expenses of the Pawtucket Convergence Arts
Festival.
The Director of Finance shall set up a fund
to be used specifically for the purpose described herein.
The Director of Finance shall have the authority
and discretion to allocate and disburse those funds that the Director
of Planning and Redevelopment deems necessary to provide for the Pawtucket
Convergence Arts Festival.
The Director of Planning and Redevelopment is
hereby authorized to exercise control over those funds that are ultimately
disbursed by the Director of Finance.
The Director of Planning and Redevelopment shall
submit an annual report to the City Council outlining the planned
expenditures relative to the Pawtucket Convergence Fund.