How the special events fund is managed and loaned

(a) The director of budget and fiscal services is responsible for the administration of the special events fund in accordance with prescribed laws and procedures applicable to expenditures of city funds. (b) At any time during a fiscal year, the director of budget and fiscal services may, with the approval of the council by resolution, transfer from the special events fund to the general fund all or any portion of moneys determined to be in excess of the fiscal year’s requirements for the special events fund. (c) The loans to nonprofit organizations shall be made according to the following terms: (1) Loans shall be noninterest bearing, due on the event settlement date, and have a maximum term of one year; (2) All loans shall be paid in full from the first revenues collected from the event with respect to which the loan was made; (3) Any loan that is not paid when due will be considered delinquent and subject to interest as specified in § 1-3.3 ; (4) Organizations that have not repaid a loan in full when due shall not be eligible for a subsequent loan until the previous loan has been paid in full and until four years have elapsed from the loan delinquency date; and (5) The department of budget and fiscal services shall adopt rules as may be necessary and appropriate to implement the loan program. (d) All moneys deposited in the special events fund that are in excess of the amounts appropriated from the special events fund are to be considered single purpose moneys and appropriated for the purposes specified herein; provided that the expenditure of such moneys is authorized by council resolution.