(1) There is hereby established a joint committee of the senate and house of representatives officially known as the capital development committee, which shall consist of two majority party members and one minority party member of the house of representatives and two majority party members and one minority party member of the senate. Members of the committee shall be chosen in each house according to the method prescribed by the rules of that house. The committee shall function during the legislative sessions and during the interim between sessions.

(1.5) In order to expedite the work of the capital development committee, appointees may be designated after the general election prior to the convening of the general assembly at which such committee is to serve, whether such appointees are members of the current general assembly or members-elect of the next general assembly, or both. Such appointees have all the powers and duties and are entitled to the same compensation and expense allowance as members duly appointed under the provisions of subsection (1) of this section.

(2) The capital development committee shall elect a chairman and a vice-chairman at the first meeting held on or after October 15 in each odd-numbered year and at the first meeting held after the general election in each even-numbered year. The chairmanship and vice-chairmanship shall alternate between a member from the house of representatives and a member from the senate with the first chairman being from the senate and the first vice-chairman being from the house of representatives. The person serving as chairman, or a member of the same house if such person is no longer a member thereof, shall serve as vice-chairman during the next legislative session, and the person serving as vice-chairman, or a member of the same house if such person is no longer a member thereof, shall serve as chairman during the next legislative session.