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10 <br />ATTA~CH1VVIi+;NT C - 4 <br />(a) The C~'DA sliail expend the net proceeds of the tax levied under this Chapter for-*~e <br />purposes provided in this section 8A-4_ The Authority shall promote travel, tourism, and <br />conventions in the town, sponsor }ourist -rebated events and activities in the town, and finance <br />tourist related capital-pro}eets in-the town. The town's finance officer shall serve ex officio as <br />the finance officer €o~cthe-CTDA. <br />(b) The CTDA shall report quarterly and at the close. of the fiscat year to the Board of <br />Aldermen on its receipts aad. expenditures for the preceding quarter and for the year in such <br />detail as the Board may r-equine. <br />Section 2. This resolution shall -became e$eetive on the fast day of the second marsh <br />following its adoption. <br />