Any locality may provide for the re-creation and portrayal of important historical or cultural events associated with or which have taken place within the locality. Such locality may:
1. Enter into agreements with public or private nonprofit organizations to stage and promote such events;
2. Charge admission to such events, permit street vending, the sale of food, beverages, and merchandise related to and compatible with the objectives of the public celebration arranged for such events, or to delegate to such organizations the authority to do so;
3. Delegate to such organizations the collection of license fees from vendors;
4. Require a surety bond adequate to protect the public interest;
5. Restrict traffic on designated streets for the duration of the events; and
6. Make gifts by ordinance to such organizations from its treasury in furtherance of the re-creation and portrayal of such important historical or cultural events.