The commission created by this article shall, as permitted by law:
(1) Plan and assist, with the division of parks and recreation, in conception, development and implementation of "Picnic With the Pops" performances; and encourage the development of a permanent outdoor facility suitable for such performances through methods consistent with this article;
(2) Seek the advice and assistance of the general public, including, but not limited to, discussing and meeting with merchants, civic organizations, individuals and others who do business and participate in activities in Fayette County;
(3) Solicit and receive contributions and obtain grants and loans appropriate to the goals of the commission, including funding capital efforts in behalf of a permanent outdoor facility suitable for such performances;
(4) Enter into contracts, expend its funds, and adopt bylaws, rules and regulations as are necessary to carry out its duties and purposes as set forth in this article;
(5) Collect and hold the proceeds of "Picnic With the Pops" performances, with any proceeds to be used as follows:
Twenty percent (20%) of the net profits to be given to the Lexington Philharmonic Orchestra in addition to their usual performance fee; support of music-related activities and organizations in Fayette County; improvements to the venue where the "Picnic with the Pops" performances are held; and future performances;
(6) Submit an annual report and financial statement to the mayor and council, which summarizes the previous year's activities;
(7) Establish committees, which may include interested members of the public, as may be necessary for carrying out the duties set forth herein; and
(8) Perform any other act necessary or appropriate to carry out the purposes of this article, including designating an executive committee, by a majority vote of the members of the commission, to exercise the authority of the commission in all matters permitted by law but not including changes to the by-laws.