(A) The South Carolina LightRail Consortium is declared to be an instrumentality of this State and as such its board of directors has all powers and authority conferred upon public boards generally including the power to contract in its own name, to own property, and to sue and be sued.

(B) The board shall ensure that the consortium functions in support of its mission and in the best interests of the State and the participating universities. In support of this task, the board shall:

(1) assist and advise the chairman of the consortium board in matters related to scientific and administrative performance, consortium directions and needs, and government and interinstitutional interactions;

(2) conduct an annual review of consortium status, activities, and plans to evaluate overall performance relative to its mission and strategic plan and to recommend possible changes to the strategic plan or South Carolina LightRail administration;

(3) review and approve an annual budget request for the consortium; and

(4) review the operations of the South Carolina LightRail annually to ensure relevance, to affirm the commitments of the participating institutions, and to confirm continued compliance with the provisions of § 59-151-115.

(C) Results of the annual review and budget request must be documented in a letter submitted to the presidents of the three universities.