Subject to applicable federal and state law, money in the Infrastructure Development Investment Program Fund may be used to:

(1) Provide any financial assistance to any eligible entity for any eligible project;

(2) Establish reserves, capitalized interest, credit enhancement, and pooled financing structures that strengthen the credit capacity of the investment program;

(3) Pay reasonable administrative costs of the investment program, including portfolio monitoring and collection; and

(4) Refinance or obtain interim financing used for any eligible cost.