§ 2-74. Definitions.
The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:
Activities or activity means the financing, construction, renovation and/or operation of village property, vehicles, programs, projects, goods, services and/or publications that provide a benefit to the public.
In-kind consideration means items or services received by the village other than monetary consideration.
Monetary consideration means cash or cash equivalents.
Sponsor means an entity or third party that enters into a sponsorship agreement with the village, and may be either an individual or a for-profit or not-for-profit entity.
Sponsorship means an arrangement between the village and a sponsor wherein the sponsor provides in-kind consideration or monetary consideration in return for access to the commercial and/or marketing potential of being associated with one or more of the village's activities and/or public recognition in a form and manner determined by the village.
Sponsorship agreement means a contractual agreement that reflects the sponsorship arrangement between the village and a sponsor.
Sponsorship program means the program adopted by the village council pursuant to this article authorizing the village to procure sponsorships with sponsors.
(Ord. No. 2012-20, § 1, 11-5-2012)