As used in this division, the following terms shall have the following meanings:
(1) AUTHORIZING RESOLUTION. A resolution adopted by the directors and authorizing the execution and delivery of a trust agreement.
(2) DIRECTORS. The board of directors of an industrial development board.
(3) ENDOWMENT TRUST FUND or FUND. A trust fund created by an industrial development board pursuant to this division.
(4) FUND MANAGER. Any individual, partnership, corporation, or other person, including, without limitation, a trustee bank, employed to manage and invest moneys held in and forming a part of an endowment trust fund and other contributions to such fund.
(5) INDUSTRIAL DEVELOPMENT BOARD or BOARD. A public corporation now in existence or hereafter organized pursuant to the provisions of either industrial development board act.
(6) INDUSTRIAL DEVELOPMENT BOARD ACT. Act 648, 1949 Regular Session, as amended, and Division 1 and Division 2 of this article, as amended.
(7) INVESTMENT COMMITTEE. A committee of persons elected by the directors pursuant to Section 11-54-130.
(8) INVESTMENT POLICY. A written statement that:
a. Generally describes or specifies the types, classes, or categories of investments in which moneys held in and forming a part of an endowment trust fund may be invested.
b. Sets forth the mode and manner for investing such moneys, including, without limitation, provisions respecting the investment or reinvestment of such moneys by any fund manager with or without the prior approval, whether written or oral, of the investment committee.
c. Contains such provisions as the investment committee deems advisable for the management, use, and disposition of properties, other than money, contributed to such fund.
d. Establishes benchmarks and criteria for measuring investment performance and compliance with the terms and provisions of the investment policy.
e. Requires the preparation and publication of periodic reports with respect to investment performance and compliance with such terms and provisions.
(9) STATUTORY SERVICE AREA. The geographical area within which a board may, under the provisions of either industrial development board act, locate any "project," as that term may at any time be defined and used in either industrial development board act.
(10) TRADE ORGANIZATION. A chamber of commerce, board of trade, trade association, or other similar civic organization that has its principal office in the statutory service area of the board.
(11) TRUST AGREEMENT. A trust agreement, trust instrument, or similar contract between an industrial development board and one or more trustee banks, and providing for the creation and administration of an endowment trust fund.
(12) TRUSTEE BANK. A bank or trust company that has trust powers and is qualified to do business in the State of Alabama.