(a) The Director is hereby authorized and directed to establish a special fund of the State to encourage instrumentalities and political subdivisions of the State and private and public nonprofit associations to attract new investors and businesses to the State, and to promote the State as a destination for tourists and other travelers.
(b) The Director may contract with any instrumentality or political subdivision of the State, and with any private or public nonprofit association, to accomplish any work authorized by this chapter, provided that the said instrumentality or political subdivision of the State, private or public nonprofit association, contributes an equal share to the cost of the project.
(c) The Director shall establish such rules and regulations as are necessary to determine the eligibility of any instrumentality or political subdivision, private or public nonprofit association for participation in contracts authorized by this section. A private or public nonprofit association shall submit a letter of exemption from the Internal Revenue Service as proof of nonprofit status.
(d) The Director may, if the Director deems it necessary, limit the amount of money granted to any single project funded under this section. Expenditures from this special fund shall be in accordance with state law and shall be limited to appropriations provided therefor. Moneys on deposit in this special fund which are unexpended or unencumbered shall not revert at the end of each fiscal year.