Economic Development Project Fund

(a)The Authority shall establish and maintain a special fund called the "Economic Development Project Fund" into which shall be deposited such money:

(1)as shall be appropriated by the Legislature for the purpose of such Fund;

(2)if the Authority so determines in any resolution authorizing any particular bonds, as shall be received by the Authority from the sale of such bonds as provided by law;

(3)as shall be received by the Authority from the repayment of loans made pursuant to this Chapter; COL120106 CH. 64 PROJECT REVENUE BONDS

(4)any other money or funds of the Authority which it determines to deposit therein. Money at any time in the Economic Development Project Fund may be used by the Authority for any purpose of this Chapter, including but not limited to payment of administrative expenses incurred by the Authority in the performance of its duties, subject only to any agreements with the holders of particular bonds.

(b)The Authority may, in any resolution authorizing the issuance of bonds, create or authorize the creation within the Economic Development Project Fund of special funds to be held in pledge or otherwise for payment or redemption of such bonds, reserves or other purposes and to covenant as to use and disposition of the money held in such funds.

(c)Money at any time in the Economic Development Project Fund may be used to guarantee loans made to project applicants by persons, provided that the Authority determines that there is a reasonable prospect for repayment of such loans.

(d)Money at any time in the Economic Development Project Fund may be invested in any direct obligations of, or obligations as to which the principal and interest thereof is guaranteed by the United States of America or such other obligations as the Authority may approve.