The department is hereby authorized to cooperate and coordinate with economic development commissions, travel and other similar commissions and boards, and/or other similar agencies of other states, the federal government, and with county, municipal and regional economic development, travel and other similar commissions or boards, or other agencies thereof, for the purposes of securing economic development within the State of Mississippi, and to accomplish this purpose, the department may contract for, receive and expend, state, federal and other funds; and to that end, there is hereby created within the department a special fund designated as the "Economic Development Fund," to be kept separate and apart from all other funds and into which all funds received for the above-stated purposes shall be deposited and which funds are not appropriated by the State of Mississippi.