(a)      The Mayor and Council of Ocean City shall administer and operate the Ocean City Convention Hall.

      (b)      The Mayor and Council of Ocean City may:

            (1)      Employ and set the salaries for a Convention Hall manager and other necessary personnel;

            (2)      Accept donations or grants for the maintenance and operation of the Convention Hall and receive any aid from the federal government, the State, or from local governments;

            (3)      Set reasonable charges for the use and rental of the facilities of the Convention Hall;

            (4)      Grant, upon the basis of competitive bidding, concessions on the premises of the Convention Hall to concessionaires for the sale of food or beverages, including alcoholic beverages subject to the provisions of Article 2B of this Code; and

            (5)      Perform any acts necessary and proper for the administration and operation of the Convention Hall.

      (c)      The Mayor and Council of Ocean City shall:

            (1)      Keep records as are consistent with sound business practice;

            (2)      Cause an audit to be made of its accounting at the conclusion of each calendar or fiscal year; and

            (3)      Submit a detailed annual report of the activities and financial standing of the Convention Hall to the Board of Public Works.

      (d)      The Convention Hall is exempt from taxation by the State and local governments.

      (e)      As a condition for the administration and management of the Convention Hall, the Mayor and Council of Ocean City shall enter into a contract with the State of Maryland accepting title to the Convention Hall as of July 1, 1985.