A special fund is hereby created and shall be known as the “Secondary Interscholastic Athletic Fund.” The expenses of the Association shall be paid from this special fund. Any appropriations made to the Department by the General Assembly for the Association shall be allocated to this fund. The Association shall be authorized to receive state appropriations, federal moneys, membership dues, tournament revenues, fees, fines, official dues, merchandising and licensing revenue, and interest. The Association is authorized to establish special fund accounts for the purposes of tracking revenue, and these accounts shall be interest bearing and not subject to reversion. The Association is exempt from the state bid law. The Association shall not operate any accounts outside of the state accounting system and the fund shall be interest bearing. Funds shall be utilized to support the activities and operations of Delaware interscholastic athletics. During the fiscal year, the expenditure of funds from the Delaware Interscholastic Athletic Fund will be in accordance with the Division of Accounting budget and accounting procedures.