(1) The financial affairs of the authority shall be conducted in accordance with state law and the procedures established by the comptroller of the treasury. The board may establish such bank accounts for the authority as the board deems appropriate and consistent with state law. The authority is authorized to invest any funds of the authority in any investment that would be an eligible investment of a county.
(2) The chief financial officer within the office of finance at Roane State Community College shall serve as the fiscal agent for the receipt of all state appropriated funds for the pilot program, to be dispersed equally among the existing and newly created small business incubators, as directed by the board.