HARRY HUGHES, Governor

2863

(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) THE TITLE TO THE OCEAN CITY CONVENTION HALL IS
HELD BY THE STATE OF MARYLAND.

(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.

406.

[The Commission, after deducting necessary operation
and maintenance costs and an amount sufficient to create a
reasonable reserve, shall pay the remaining proceeds from
the rental and use of the convention hall to the Board of
Public Works.]

(A) THE BOARD OF PUBLIC WORKS SHALL PAY THE FOLLOWING
SUMS TO THE MAYOR AND COUNCIL OF OCEAN CITY FOR THE OCEAN
CITY CONVENTION HALL:

(1)	FISCAL YEAR	1981	$224,000;
(2)	FISCAL YEAR	1982	$199,200;
(3)	FISCAL YEAR	1983	$174,400;
(4)	FISCAL YEAR	1984	$149,600;
(5)	FISCAL YEAR	1985	$124,800.	;AND

(B) FOR FISCAL YEAR 1987 AND EACH YEAR THEREAFTER, THE
BOARD OF PUBLIC WORKS SHALL PAY THE MAYOR AND COUNCIL OF

OCEAN CITY FOR THE OCEAN CITY CONVENTION HALL $100,000 OR 50

PERCENT OF THE OPERATING DEFICIT OF THE CONVENTION HALL,
WHICHEVER AMOUNT IS LESS.

(C) THE BOARD OF PUBLIC WORKS SHALL APPROPRIATE,
PURSUANT TO THE APPROPRIATE LEGISLATIVE BUDGET PROCESS, SUCH

(6)  FISCAL YEAR   1986    $100,000.