(1) There is hereby created the governor’s housing committee consisting of five (5) appointed members. The following public officials shall each appoint one (1) member to serve on the committee: the president pro tempore of the senate, the speaker of the house of representatives, the minority leader of the senate and the minority leader of the house of representatives and the director of the department of administration. Members of the committee shall serve at the pleasure of the appointing public official or his successor.
(2)  There is hereby created the governor’s residence fund. All moneys in or added to the governor’s residence fund and any dividend or interest earnings thereon are hereby perpetually appropriated to the department of administration and set apart for the purposes of providing a governor’s housing allowance and the acquisition, construction, remodel, furnishing, equipping or maintenance of a governor’s residence and the same shall be available for such purposes immediately upon being credited to the account, upon authorization for expenditure being given by the governor’s housing committee. Upon the direction of the committee, the department shall use moneys in the account for any purpose related to a governor’s housing allowance or the acquisition, construction, remodel, furnishing, equipping or maintenance of a governor’s residence. The net proceeds from any sale or rental of a governor’s residence, or any property related thereto, and of any cash or cash-equivalent donation made to the committee, shall be returned to the governor’s residence fund.