A municipal arts council shall make a report on July first of each year to the governing body of the city, stating:

Terms Used In North Dakota Code 40-38.1-08

1.    The condition of the property donated to the fund.

2.    The various sums of money received from all sources.

3.    How much money has been expended and for what purpose.

4.    Such other statistics, information, and suggestions as the council may deem of general interest.

Copies of the report shall be filed with the governing body of the city.