(A) There is hereby established an arts and cultural events reserve account into which arena revenues, as defined in division (B) of this section, shall be deposited. The Finance Officer shall segregate principal in the account from earnings realized from the investment of the balance in the account.
(B) Arena revenues for the purpose of this section shall be defined as those revenues received by the city as the city's share of the Verizon Wireless Arena net operating revenues, as determined by the annual audit, in accordance with the arena Management Agreement.
(C) The Board of Mayor and Aldermen may recognize a portion of the balance as a current year revenue subject to the following conditions:
(1) The Board of Mayor and Aldermen may transfer principal, or any investment earnings thereon to offset expenses for arts and cultural events, arts and cultural grants, festivals and celebrations, banners and decorations and/or other arts and cultural related budget items.
(2) The Board of Mayor and Aldermen may transfer an amount not to exceed 50% of the balance in the account in any fiscal year.
(D) No available balance in the arts and cultural events reserve account shall be utilized for any purpose other than those authorized herein, without the specific approval of two-thirds of the Aldermen-elect.
(Ord. passed 10-26-04)