A.__The authority may receive, invest and expend on behalf of the fund money from gifts, grants, bequests, loans and donations in addition to money appropriated or allocated by the State.__Money received by the authority on behalf of the fund must be used for the purposes of this subchapter.__The fund must be maintained and administered by the authority.__ Any unexpended balance in the fund carries forward for continued use under this subchapter.

B.__Costs and expenses of maintaining, servicing and administering the fund and of administering the nursing education loan repayment program may be paid out of amounts in the fund.

4.__Administration.__The nursing education loan repayment program and the nursing education loan repayment fund are administered by the authority.__The authority shall repay the loan of an applicant who meets the criteria in subsection 2 in the amount of up to $4,500 for a master's degree and up to $6,000 for a doctoral degree.__The authority may adopt rules to carry out the purposes of this subchapter.__Rules adopted pursuant to this subsection are major substantive rules pursuant to Title 5, chapter 375, subchapter 2-A.