(a) There is hereby established a committee or commission which shall be known as the municipal playground commission.
(b) The playground commission shall have the power, and it shall be a part of its duties to investigate, formulate, promote and provide playgrounds and areas or places for general outdoor and indoor sports and amusements, which shall be open to the residents and citizens of the village under such conditions as may hereafter be provided.
(c) For such purposes, the commission may receive, acquire, use and disburse monies, funds or properties as specified in this division. It shall also report quarterly each year to the board of trustees its acts and doings, and semiannually shall submit a detailed financial statement of its receipts and disbursements.