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38 <br />ATTACHMENT C - 4 <br />(a) The CTDA shall expend the net proceeds of the tax levied under this Chapter for +.he <br />purposes provided in this section 8A-4. The Authority shall promote travel, tourism, and <br />conventions in the town, sponsor tourist-related events and activities in the town, and fmance <br />tourist-related capital projects in the town. The town's finance officer shall serve ex officio as <br />the finance officer for the CTDA. <br />(U) The CTDA shall report quarterly and- at the close of the fiscal year to the Board of <br />Aldermen on its receipta acrd expenditures for the preceding quarter and for the year in such <br />detail as the Boazd may require. <br />Section 2. This resolution shall become effective on the first day of the second month <br />following its adoption. <br />