(1) The proceeds realized from the sale of bonds and notes under this act, other than refunding bonds and replacement notes, shall be paid to the State Treasurer and deposited into the Mississippi Small Enterprise Development Finance Fund or funds and specifically dedicated to the purposes enumerated in this act.
(2) All nonfederal funds which may become available for the purposes of this act shall be deposited in the Mississippi Small Enterprise Development Finance Fund or funds and shall be allocated for the purposes of this act.
(3) The proceeds of the sale of refunding bonds and replacement notes shall be applied solely to the payment of the principal of and the accrued interest on and premium, if any, and costs of redemption of the bonds and notes for which such obligations have been issued.