§ 161. Administration. In futherance of these purposes, the department of economic development is hereby authorized and directed to:

(a) Encourage, facilitate and coordinate the planning and implementation of programs to advertise, stimulate, promote and increase tourist travel, resort, vacation, culture and convention activities within the state and its regions with such flexibility as to bring about as effective and economical a tourist promotion plan as possible;

(b) Establish and publish on an annual basis guidelines relative to the use of funds to be granted hereunder. Such guidelines shall authorize the use of funds for the promotion of year round tourist travel, resort, vacation, culture and convention activities;

(c) Accept or reject applications for matching funds for recognized advertising programs by tourist promotion agencies on the basis of annually published guidelines;

(d) Authorize the payment of funds in accordance with this act and the rules and regulations of the comptroller out of the appropriation made pursuant hereto; and

(e) Do all things necessary, desirable and convenient to carry out its powers, functions and duties hereunder.