(a) A municipality shall impose and collect charges for the use of an encumbered exposition or convention hall in amounts determined by the governing body to be sufficient to pay:
(1) all operating, maintenance, depreciation, replacement, improvement, and interest charges in connection with the hall;
(2) for an interest and sinking fund sufficient to pay any bonds issued to purchase, construct, or improve the hall; and
(3) any outstanding debt against the hall.
(b) A municipality may not allow any free use of or free service in connection with the exposition or convention hall.