(A) There is created a seventeen-member board of directors, fifteen of which must be appointed by the Governor. The Governor shall appoint two board members from each congressional district and one board member from the State at large, who shall serve as the chairman. All terms are for four years and members shall serve until their successors are appointed and qualify. In addition, notwithstanding the provisions of § 8-13-770, the Chairman of the Senate Finance Committee and the Chairman of the House Ways and Means Committee, or their designees, shall serve as members of the board. The Governor must exercise due diligence in appointing a chairman and board members with backgrounds and experience in conservation, preservation, or recreation, or a combination of those backgrounds.

(B) The board of directors shall:

(1) establish criteria and requirements to determine funding guidelines and funding decisions including the requirement of a commitment to preservation, conservation, and recreation;

(2) decide, based on those criteria and requirements, which entities may receive funding from the Legacy Trust Fund;

(3) give primary consideration to projects, acquisitions, and restorations that demonstrate cooperative efforts among eligible agencies and organizations, including joint matching funding, joint administrative duties, and projects that serve several interests;

(4) submit an annual report to the General Assembly and the State Fiscal Accountability Authority and the Department of Administration which must include a list of the funding recipients, a description of the projects, and a description of the benefits brought about as a result of the funding.

(C) The Legacy Trust Fund shall be a part of the Governor’s Office. Staff shall be appointed by the board upon consent of the Governor to carry out the purposes of this chapter. The staff shall be paid with monies from the Legacy Trust Fund. The staff shall report to the board of directors and the Governor.