| The Teachers Educators for Maine fund is created under the |
jurisdiction of the authority as a nonlapsing, interest-earning, |
revolving fund to carry out the purposes of this chapter. Any |
unexpended balance in the Teachers Educators for Maine fund |
carries over for continued use under this chapter. The authority |
may receive, invest and expend, on behalf of the funds, money |
from gifts, grants, bequests, loans, including loans obtained |
pursuant to chapter 417-B, and donations, in addition to money |
appropriated or allocated by the State. Loan repayments under |
this section or other repayments to the authority must be |
invested by the authority, as provided by law, with the earned |
income to be added to the fund. Money received by the authority |
on behalf of the fund, except interest income, must be used for |
the designated purpose; interest income may be used for the |
designated purpose or to pay student financial assistance |
administrative costs incurred by the authority as determined |
appropriate by the authority. |