(a) Uses of special fund when no bonds outstanding. — When no bonds authorized by this chapter are outstanding with respect to a TIF District and the county council so determines, moneys in the special fund for that TIF District created pursuant to § 3207 of this title may be:
(1) Used for any of the purposes described in § 3205 of this title for which bond proceeds could be used;
(2) Accumulated for payment of debt service on bonds subsequently issued under this chapter;
(3) Used to pay or to reimburse the county for debt service which the county is obligated to pay or has paid (whether such obligation is general or limited) on bonds issued by the county, or any agency or department thereof, the proceeds of which have been used for any of the purposes specified in § 3205 of this title; or used to pay or reimburse any developer loan; or
(4) Paid to the county to provide funds to be used for any legal purpose as may be determined by the county.
(b) Restrictions on use of special funds. — When any bonds authorized by this chapter are outstanding with respect to a TIF District and county council so determines, moneys in the special fund for that TIF District created pursuant to § 3207 of this title may be used as provided in subsection (a) of this section in any fiscal year by the county, but only to the extent that:
(1) The amount in such special fund exceeds the unpaid debt service payable on such bonds in such fiscal year and is not restricted so as to prohibit the use of such moneys;
(2) Such use is not prohibited by the ordinance authorizing the issuance of such bonds; and to the extent not prohibited by bond or loan covenants.