In the event the State Treasurer issues bonds the interest on which is not to be included in gross income for federal income tax purposes, to the extent that such funds are made available to any municipal corporation, any instrumentality thereof or of the State, or to any other person, the State Treasurer may require the recipients of the funds to enter into agreements regulating the use and investments of funds made available to them, requiring them to account to the State for the investment of such funds, and requiring them to pay to the State earnings on such funds which the State is required to rebate to the federal government. Recipients are authorized to enter into such agreements with the State which shall be valid and enforceable against them. (Added 1987, No. 36, § 6, eff. May 11, 1987.)