1. (a) The fund shall be held in perpetual trust and shall not be appropriated by the Legislature or expended or disbursed for any purpose other than as provided in this article. Earnings on the fund’s investments shall remain a part of the fund. The board may expend the fund’s earnings and principal in furtherance of its purposes.

2. (b)

   1. (1) To the extent practicable, the board shall keep all monies at any time held in the fund invested in eligible investments, in its sole and uncontrolled judgment, as shall produce the greatest trust income over the term of the investments while preserving the capital. In making any investment of monies held in the fund, the board shall exercise the judgment and care, under the circumstances prevailing at the time of the investment, which an institutional investor of the highest standard of prudence, intelligence, and financial expertise would exercise in the management and investment of large assets entrusted to it, not for the purpose of speculative profit, but for the permanent generation and disposition of the fund’s financial resources, considering the probable safety of capital, as well as the expected amount and frequency of income.
   2. (2) The board shall have full power and authority to select the eligible investments in which monies held in the fund shall at any time be invested, and, to the extent not inconsistent with any express provision of this article, the eligible investments so selected shall be acquired from those issuers, underwriters, brokers, or other sellers on terms and conditions; shall be acquired for purchase prices reflecting such discount below or premium above the par or face amount thereof; shall bear such dates and be in such form, denominations, and series; shall mature or be subject to mandatory redemption on such dates; shall bear interest at such rate or rates payable at such intervals, or, alternatively, shall provide income to the holder thereof in such manner, including, without limitation thereto, the purchase of such investments at a discount which represents all or part of the income or profit derived therefrom; shall be unsecured or secured in such manner; shall contain such provisions for prepayment or redemption at the option of the issuer or obligor; and shall contain or be subject to such other provisions as shall, in all of the foregoing respects, be determined by the board in exercise of its sole and uncontrolled judgment.
   3. (3) The board shall have full power and authority to invest the fund capital in any eligible investments producing trust income in accordance with the schedule as the board, in the exercise of its sole and uncontrolled judgment, shall determine to be in the best interests of the state, and in determining the schedule the board may emphasize future benefits in preference to near-term needs. The board shall have complete discretion in making decisions as to when monies in the fund shall be invested; as to the purchase price or other acquisition cost to be paid or incurred in acquiring investments for the fund; as to when investments constituting part of the fund shall be sold, liquidated, or otherwise disposed of; and as to the amount and nature of the price or other consideration to be received by the fund upon the sale, liquidation, or other disposition of investments constituting part of the fund. No action may be taken by the executive department of the state which impairs or interferes with the power, authority, and discretion conferred upon the board by this article with respect to the acquisition, management, control, and disposition of investments at any time constituting part of the fund. No member of the board may be held personally liable for any liability, loss, or expense suffered by the fund, unless the liability, loss, or expense arises out of or results from the willful misconduct or intentional wrongdoing of the member of the board. No member of the board shall be responsible for the adequacy of the fund to satisfy and discharge any obligation of the corporation.

3. (c) The board shall cause an annual audit of the fund to be performed for each fiscal year by the Department of Examiners of Public Accounts or, in the discretion of the board, by an independent certified public accounting firm. The report of the audit shall be prepared in accordance with applicable accounting principles. The board shall cause to be prepared and publicized financial and other information concerning the fund, as may from time to time be provided by law duly enacted by the Legislature, but in the absence of any law directing the preparation and publication of different reports, the board shall cause to be prepared and made public, within 30 days after the end of each quarterly period in each fiscal year, a report containing all of the following:

   1. (1) A statement of the capital then held in the fund showing any changes since the last quarterly report.
   2. (2) A statement of the trust income received during the quarterly period in question.
   3. (3) A statement of the investments then held in the fund, including descriptions and respective values.
   4. (4) A statement of the trust income received to date during the current fiscal year.
   5. (5) Any other information determined by the board to reflect a full and complete disclosure of the financial operations of the fund.

(Act 2021-455, §1.)