1.75.040 Public Art Trust Fund.
The Regional Arts Council, under contract with the City, shall maintain a special fund called the public art trust fund into which funds dedicated to public art pursuant to BC 1.75.010 shall be deposited.
A. Such funds shall be deposited into the public art trust fund, and shall be allocated as follows:
1. Seventy-five percent shall be used by the Regional Arts Council for costs associated with public art including, but not limited to, the acquisition, fabrication, and installation of public art.
2. Fifteen percent shall be used by the Regional Arts Council for costs associated with public art, including, but not limited to, costs of selection, project management, documentation, community education and registration of public art.
3. Ten percent shall be retained by the City for the maintenance, conservation and deaccessioning of public art.
B. Such funds shall be deposited in separate accounts within the public art trust fund if separate accounting is requested by the City or required by law.
C. Disbursements from the public art trust fund shall be made by the Regional Arts Council.
1. Disbursements shall be made according to the terms of this chapter and any guidelines adopted hereunder by the Regional Arts Council.
2. If acquisition, fabrication and installation of art is funded by revenue sources whose expenditure is restricted by the City Charter, Bend Code, or other law, the Regional Arts Council, prior to making a disbursement for public art from such a restricted account in the public art trust fund, shall adopt written findings demonstrating that the proposed disbursement complies with all applicable restrictions.
3. The Regional Arts Council will report annually to the City on the disbursement of funds from the public art trust fund. [Ord. NS-2051, 2007]