It is enacted by the General Assembly as follows:

SECTION 1. Section 42-113-5 of the General Laws in Chapter 42-113 entitled "Rhode Island Housing and Conservation Trust Fund" is hereby amended to read as follows:

{ADD 42-113-5. Creation of Rhode Island housing and conservation trust fund. -- ADD} (a) There is created a special account in the state general fund to be known as the "Rhode Island housing and conservation trust fund." The fund shall be administered by the board and expenditures therefrom shall be made only to implement and effectuate the policies and purposes of this chapter. {ADD The board is authorized to accept any private grant, devise, bequest, donation, gift, or assignment of money, bonds, or other valuable securities for deposit in and credit of the Rhode Island housing and conservation trust fund. ADD} (b) Unexpended balances and any earnings shall not revert to the general fund but shall remain in the fund for use in accord with the purposes of this chapter.

(c) The members of the board and the executive director shall {DEL not DEL} be appointed {DEL until after a funding mechanism has been established pursuant to this chapter DEL} {ADD upon the effective date of this section ADD} .

SECTION 2. This act shall take effect upon passage.