(1) The Mississippi Department of Archives and History is authorized to proceed with implementing the recovery and restoration of the historic shipwreck site near the eastern shore of the Bay of Biloxi designated as state site 22Ja542. The department shall implement a program to publicize the historic nature of the site and to involve the private sector to the greatest extent possible.
(2) The Department of Marine Resources, the University of Southern Mississippi, the Mississippi Development Authority and any other agency upon request by the Department of Archives and History shall to the greatest extent practical, assist the Department of Archives in the recovery and restoration project.
(3) There is created in the State Treasury a fund designated for the historic shipwreck project.The fund may receive monies from any available private or public source.
(4) Expenditures may be made from the fund upon requisition by the executive director of the department of Archives and History.
(5) The fund shall be treated as a special trust fund.Interest earned on the principal shall be credited by the Treasurer to the fund.
(6) The executive director shall file an annual report detailing the receipts and expenditures with the chairpersons of the House and Senate Appropriations Committees.