The directors must adopt an authorizing resolution to create and maintain an endowment trust fund, and they may include specified fund terms in that resolution or the trust agreement.
(a) In order to provide for the establishment of an endowment trust fund, the directors shall adopt an authorizing resolution authorizing the execution and delivery, on behalf of the industrial development board, of a trust agreement under which such fund shall be established and maintained. The directors may, in either the authorizing resolution or the trust agreement authorized thereby, or, at the discretion of the directors, in both, all as the directors shall deem appropriate, set out all of the following: (1) The general purpose or purposes of such fund, and, subject to the provisions of Section 11-54-129, the purpose or purposes for which moneys held in and forming a part of such fund may be expended and the manner in which all other properties, whether real or personal, tangible or intangible contributed to such fund may be managed, used and disposed of. (2) A procedure or procedures for the distribution or expenditure of such moneys and the management, use, and disposition of such other properties. (3) The period, if any, for the duration of the fund, except that the period may not exceed the duration of the board itself. (4) Any limitations, conditions, or restrictions to be placed on the investment committee with respect to the investment policy pertaining to the fund. (5) Any other terms and conditions under which the fund shall be administered. (6) Any other provisions not inconsistent with this division, including, without limitation, provisions for the expenditure and use of the properties held in or forming a part of such fund upon and after the termination or dissolution of such fund. (b) The directors may also prescribe, in the authorizing resolution, the terms of office of members of the investment committee supervising such fund, subject, however, to Section 11-54-130.