(1) The Arkansas Development Finance Authority may approve the use of funds for qualified investments upon such terms and conditions and for such periods of time as shall be recommended by the President of the Arkansas Development Finance Authority and approved by the Board of Directors of the Arkansas Development Finance Authority from: Cash funds held by the authority; and
(2) The Venture Capital Investment Trust.
(3) The board shall not approve a qualified investment that: Does not further the purposes of this subchapter; and
(4) Is not in the best interest of the state.