(a) The teacher education revolving loan fund is created for the purpose of making education loans to students selected under AS 14.43.600 — 14.43.700. The fund consists of money or assets appropriated or transferred to the commission for deposit into the fund, money or assets deposited into the fund by the commission, and earnings on investments of money held in the fund.
(b) [Repealed, § 45 ch 89 SLA 2014.] (c) The commission may make a new loan under this section only if sufficient money or assets are available in the fund established under (a) of this section. If no new loans are issued in a fiscal year under this subsection, the commission shall use deposits for the year in the succeeding year.