(a) There is established in the Department of Commerce, Community, and Economic Development the residential energy conservation fund to carry out the purposes of AS 45.88.100 — 45.88.190. Loans and grants made under AS 45.88.100 — 45.88.190 may be used to purchase, construct, and install an energy conservation improvement in residential buildings.
(b) Money in the fund may be used by the legislature to make appropriations for costs of administering AS 45.88.100 — 45.88.190.
(c) On June 30 of each fiscal year the unexpended and unobligated cash balance of the fund that is attributable to loans owned by the fund lapses into the general fund.