The North Dakota economic development foundation is created.

1.    The foundation is composed of a minimum of fifteen and a maximum of thirty members appointed by the governor for two-year terms, except the governor shall appoint approximately one-half of the initial foundation members to one-year terms in order to initiate a cycle of staggered terms. Appointment of the foundation members must ensure a cross section of business, tourism, and economic development representation, and must ensure that at least one member represents rural concerns.

2.    The foundation members shall elect an executive committee with a minimum of five and a maximum of seven foundation members, which shall include a chairman, vice chairman, secretary, treasurer, and up to three members at large.

3.    The foundation shall seek funding for administrative expenses from private sector sources and shall seek and distribute private sector funds for use in commerce-related activities of the state. The private sector funds are not public moneys for any purpose and are not subject to section 12 of article X of the Constitution of North Dakota.

4.    The foundation shall:

a.    Provide the governor advice and counsel in selecting the commissioner. b.    Serve in an advisory role to the commissioner.

c.    Develop a strategic plan for economic development in the state and set accountability standards, measurements, and benchmarks to evaluate the effectiveness of the department in implementing the strategic plan.

d.    Monitor economic development activities and initiatives of the department.

e.    Recommend state and federal legislation relating to strengthening the state’s economy and increasing the state’s population.

f.    Monitor state and federal legislation and initiatives that may impact the state’s economy and population.

g.    Serve as a source of expertise for developing public and private initiatives to strengthen the state’s economy and increase the state’s population.