The Board of Directors shall have the following duties and responsibilities:
(A) To immediately invest all moneys received by the Municipal, Civic and Cultural Fund in the investments as are permitted under the laws of the state;
(B) To pay all income earned by the Fund, except as hereinafter provided, to the city on frequent intervals, but at least annually;
(C) To hold public hearings and to solicit ideas, suggestions and to consider requests from various organizations, agencies, persons or residents of the city concerning the expenditure of the income received from the Fund;
(D) To recommend to the City Council expenditures or suggested expenditures and the priority of the expenditures, the recommendation to be advisory only;
(E) To provide financial advice and guidance to the City Council in the expenditure of the income earned by the Fund;
(F) To establish accounts and to cause an audit to be made on an annual basis of all accounts established;
(G) To furnish an annual report to the city and at any time to furnish information relating to the Fund as may be requested by the City Council; and
(H) To designate and approve a depository or depositories of all moneys on behalf of the Fund.
(1994 Code, § 32.112) (Ord. 292, passed 4-10-1979)