The University may establish a distinguished scholar position at the University known as the Clarence W. Blount Chair of Public Policy and Urban Politics. The purpose of the distinguished scholar position is to teach, conduct research, and perform community service in public policy and urban politics at the University. The President of the University may: Select and appoint a distinguished scholar to fill the Clarence W. Blount Chair for a term of not more than 2 years; Establish an annual salary of $100,000 per year for the distinguished scholar position; and Establish the employment contract terms and conditions for the distinguished scholar position. The University may fund the costs associated with the position authorized under subsection (a) of this section with State matching funds provided under the private donation incentive program established in § 17-302 of this article.