The Commission shall have and exercise the following powers and duties:
1. Selection of Officers. The Commission shall choose annually at its first regular meeting one of its members to act as Chairperson and another as Vice Chairperson, who shall perform all the duties of the Chairperson during the Chairperson's absence or disability.
2. Adopt Rules and Regulations. The Commission shall adopt such rules and regulations governing its organization and procedure as it may deem necessary.
3. Recommendations. The Commission, upon its review and study, may make recommendations to the City Council regarding items in the Downtown Square, as defined in Section 30.05.
4. Applications. The Council may refer any application for an event, street closure, etc. within the Downtown Square, as defined in Section 30.05, to the Commission for its review and recommendation.
5. Referrals. The City Council may refer any matter of business within the Downtown Square, as defined in Section 30.05, to the Commission for its review and recommendation.
6. Fiscal Responsibilities. The Commission, upon its review and study, may make recommendations to the City Council on monies the City Council have earmarked for the Downtown Square, as defined in Section 30.05.
7. Limitation on Entering Contracts. The Commission shall have no power to contract debts.
8. Annual Report. The Commission shall each year make a report to the Mayor and Council of its proceedings, with a full statement of its receipts and disbursements and the progress of its work during the preceding fiscal year.