(1) The commissioners of a municipal auditorium commission shall submit quarterly reports, beginning three (3) months after they take their oath of office, and each three (3) months thereafter, reporting in full on the operations of the auditorium including an accounting of receipts and disbursements, to the mayor and city council. The commissioners shall furnish such other and further reports, data, and information as may be requested by the mayor or city council.
(2) The quarterly report to the mayor and city council with respect to receipts and disbursements shall be certified by the commissioners as correct.
(3) The commissioners shall further submit an annual audit of the operations of the auditorium to the mayor and city council.