§ 14-141-111 — Auditorium fund

(a) (1) The commissioners of a municipal auditorium commission appointed under this chapter shall have the authority to utilize all revenues derived from the auditorium in the operations of the auditorium. (2) (A) All funds derived from the use of the auditorium shall be segregated into an auditorium fund, which shall be used exclusively in the operations of the auditorium by the commissioners. (B) Moneys in the fund shall not be mingled with other funds of the city and shall be handled exclusively by the commissioners. (b) (1) The commissioners shall each furnish to the city a five thousand dollar ($5,000) surety bond that will serve to insure the city against any misappropriation or mishandling of funds. (2) The surety on the bond shall be a reputable surety corporation. (3) The premium on the bonds shall be paid for from moneys in the fund. (c) The commissioners shall receive no salary for their services but shall be reimbursed from the fund for actual expenses incurred in the performance of their duties. (d) The fund may also be expended by the commissioners, as they deem best, for the purpose of obtaining conventions or other attractions to meet in the auditorium.

Legislative History

Acts 1939, No. 355, § 10; A.S.A. 1947, § 19-2610.