The Revenue Estimating Conference is a conference consisting of principals and participants as follows:
(1) "Principals" shall be the governor, the president of the Senate, the speaker of the House of Representatives, or their respective designees, and except as provided in R.S. 39:25(B), a faculty member with revenue forecasting expertise from a public or private university in the state selected by the other three principal members from a list of as many as five, but not less than three names, submitted to them by the Board of Regents after the board consults with the president of the Louisiana Association of Independent Colleges and Universities.
(2) "Participants" shall be those persons who are invited to participate in the conference by a principal.