(1) There is hereby created in the state treasury the Colorado school of mines fund which shall be under the control of and administered by the board of trustees of the Colorado school of mines in accordance with the provisions of this article. The board of trustees shall have authority and responsibility for all moneys of the board of trustees and of Colorado school of mines. The board of trustees shall designate, pursuant to its constitutional and statutory authority, those moneys received or acquired by the board of trustees or by the Colorado school of mines, whether by appropriation, grant, contract, or gift, by sale or lease of surplus real or personal property, or by any other means, whose disposition is not otherwise provided for by law, that shall be credited to the fund. All interest derived from the deposit and investment of moneys in the fund must be credited to the fund. The moneys in the fund are hereby continuously appropriated to the board of trustees and shall remain in the fund under the control of the board of trustees and shall not be transferred or revert to the general fund of the state at the end of any fiscal year.

(2) The moneys in the Colorado school of mines fund shall be used by the board of trustees of the Colorado school of mines in carrying out its statutory powers and duties.

(3) Moneys in the Colorado school of mines fund that are not needed for immediate use by the board of trustees of the Colorado school of mines may be invested by the state treasurer in investments authorized by sections 24-36-109, 24-36-112, and 24-36-113, C.R.S. The board of trustees shall determine the amount of moneys in the fund that may be invested and shall notify the state treasurer in writing of such amount.

(4) If the board of trustees votes to invest Colorado school of mines assets pursuant to sections 23-41-103.6 and 23-41-103.7, the board shall establish an investment advisory committee consisting of at least five members to make recommendations to the board regarding investments. The investment advisory committee may include the treasurer of the board and up to three representatives from the financial community.