(a) The ship channel improvement revolving fund is an account in the general revenue fund. The fund is administered by the commission.
(b) The following money shall be credited to the fund:
(1) money the commission receives as a gift, grant, or donation for a purpose of this chapter;
(2) money appropriated to the commission for the purposes of this chapter;
(3) money received by the commission for the repayment of a loan made by the program established under Section 56.003;
(4) proceeds of bonds issued under Section 56.004; and
(5) interest earned on deposits and investments of the fund.
(c) Money in the fund may be appropriated only to the commission for the purposes of administering the fund and the program established under Section 56.003.
(d) The financial transactions of the fund are subject to audit by the state auditor.