Moneys in the reclamation development fund:
(1) Shall be used to foster reclamation development projects described in a reclamation development plan submitted to the authority as part of the application for reclamation development fund moneys, except that no money in the reclamation development fund shall be used for any reclamation development project until the reclamation development plan with respect to that project has been approved by the Energy and Environment Cabinet pursuant to KRS Chapter 350; and (2) May be made available to any person or entity, public or private, organized for profit or not for profit; and (3) Shall be made on the terms and conditions the authority, in its sole discretion, determines to be reasonable, appropriate, and consistent with the purposes and objectives of the authority and this chapter, which may include, but not be limited to, the pledging of adequate security.