(a) The Tennessee residence commission shall have the following powers and duties:
(1) Formulate and develop a plenary master plan and program for the adaptive restoration and preservation of the Tennessee residence, including the building and contiguous grounds;
(2) Consistent with the master plan required in subdivision (a)(1), establish policies governing any improvements, alterations, repairs, replacements, or reconstruction of the residence, its appurtenant buildings, and its grounds, including furniture and fixtures;
(3) Establish rules and policies governing the acquisition of furniture and fixtures, including, but not limited to, carpets, rugs, paintings, draperies, and objects of art, for the public quarters of the residence;
(4) Establish rules and policies to ensure that the private quarters of the executive residence are maintained appropriately;
(5) Establish rules and policies governing maintenance of the Tennessee residence; and
(6) Establish rules and policies governing the use of the Tennessee residence for any nongovernmental activities.
(b) The commission shall report in writing its progress on the formulation and development of the master plan and program required by subsection (a) to the state building commission, the speaker of the senate, and the speaker of the house of representatives no later than February 1 of each year, until such master plan and program have been completed.