(1) As a condition to the release of funds under s. 20.250 :
(a) Two of the members of the board of trustees of the Medical College of Wisconsin, Inc., shall be nominated by the governor, and, with the advice and consent of the senate, appointed for staggered 6-year terms expiring on June 30.
(b) The Medical College of Wisconsin, Inc., shall give first preference in admissions to residents of this state.
(c) The Medical College of Wisconsin, Inc., shall make every effort to ensure that at least 5% of the total enrollment of the college consists of minority students.
(2) The legislative audit bureau shall biennially postaudit expenditures under s. 20.250 so as to assure the propriety of expenditures and compliance with legislative intent. State affirmative action policies, rules, and practices shall be applied to the Medical College of Wisconsin, Inc., consistent with their application to state agencies.