(a) As used in this chapter, the following words shall have the following meanings, respectively:

(1) BOARD. The Board of Control of the Penny Trust Fund, which shall consist of the following officials or their designees and the following representatives:

a. The Governor.

b. The State Treasurer.

c. The State Health Officer.

d. The State Superintendent of Education.

e. The State Auditor.

f. A member to be appointed by the Governor from one of Alabama's historically black colleges and universities, whose term on the board shall end when the appointing Governor's term ends.

g. A member to be appointed by the Governor from a non-profit health-related agency, organization, or health-related community action agency, whose term on the board shall end when the appointing Governor's term ends.

(2) EARNINGS. Ninety percent of the prior fiscal year's earnings of the Penny Trust Fund.

(b) The duties of the board shall include, but not necessarily be limited to, the following:

(1) Elect a chairperson and a secretary of the board from among its membership. Service as the chairperson and secretary shall be for the term of service to which the individual was elected.

(2) Review and approve the proposals by the governing authority of the Department of Public Health and the State Superintendent of Education for the expenditure of its portion of proceeds from the Penny Trust Fund and, if desirable, offer comments and suggestions on the expenditure of the funds.

(3) Develop and approve an investment policy.

(4) Notify the State Superintendent of Education and the State Health Officer once annually of the amount of funds eligible for payment from the Penny Trust Fund.