The Arkansas Economic Development Council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any other available funds, for the making of loans for:
(1) The purchase of investment loans and paying of incidental expenses in connection therewith;
(2) Paying the expenses of amortizing and issuing the bonds;
(3) Paying interest on the bonds until revenues thereon are available in sufficient amounts; and
(4) Funding such debt service reserves as the council deems necessary or desirable.