(a) The rural infrastructure disaster recovery account is established as an account in the general revenue fund with the comptroller, to be administered by the division.
(b) The division may use the rural infrastructure disaster recovery account only for:
(1) making a grant to an eligible political subdivision; and
(2) paying the necessary and reasonable expenses of administering the grant.
(c) The account consists of:
(1) money appropriated, credited, or transferred to the account by the legislature;
(2) gifts or grants contributed to the account; and
(3) interest earned on deposits and investments of the account.