I. There is hereby established in the office of the state treasurer a fund to be known as the travel and tourism development fund. Any appropriations received shall be deposited in the fund. Moneys in the fund and any interest earned on the fund shall be used for the purpose of promoting and developing appropriate travel and tourism initiatives through the division of travel and tourism development and shall not be used for any other purpose. The director of travel and tourism development shall oversee expenditures from the fund. The moneys in the fund shall be nonlapsing.
II. The commissioner shall prepare an annual report to be presented no later than December 1 of each year to the governor and council, the fiscal committee of the general court, the president of the senate, and the speaker of the house of representatives. The report shall detail the specific activities supported by, and expenditures from, the fund during the past year and shall additionally detail the activities of the travel and tourism revolving fund established in N.H. Rev. Stat. § 12-O:13.