(a) The Mayor and City Council of Ocean City may:
(1) employ and set the salaries for a Convention Center manager and other necessary personnel;
(2) accept donations or grants for the maintenance and operation of the Convention Center;
(3) receive aid for the Convention Center from the federal government, the State, counties, or municipalities;
(4) set reasonable fees for the use of the Convention Center facilities;
(5) grant, on the basis of competitive bidding, concessions on the premises of the Convention Center for the sale of food or beverages, including, subject to the Alcoholic Beverages Article, alcoholic beverages; and
(6) perform any act necessary to operate the Convention Center.
(b) The Mayor and City Council of Ocean City shall:
(1) keep records of the Convention Center consistent with sound business practice;
(2) conduct an audit of the accounts of the Convention Center at the end of each calendar or fiscal year; and
(3) submit to the Board of Public Works a detailed annual report on the activities and finances of the Convention Center.