(a) The Building Authority Division of the Department of Finance and Administration may supervise and manage buildings and other facilities constructed pursuant to the authority granted in this subchapter and to manage, maintain, and repair those buildings and facilities to provide rental space to be made available for the housing of state agencies, departments, boards, commissions, and institutions, or other tenants at such rental rates as deemed necessary:

(1) To provide sufficient funds to enable the Arkansas Development Finance Authority to meet, when due, the payment of the principal of, interest on, and trustees' and paying agents' fees in connection with all bonds issued under this subchapter;

(2) To enable the Arkansas Development Finance Authority to establish and maintain such reserves and other financial obligations in regard to the bonds issued under the provisions of this subchapter, as shall be set forth in any authorizing resolution or trust indenture utilized for that purpose; and

(3) To pay the costs of utilities, insurance, janitorial supplies and services, building maintenance, upkeep, repair, and remodeling as deemed necessary, including the accumulation of reserves deemed necessary for such purposes as authorized under the provisions of this subchapter, and, in connection therewith, the division may establish one (1) or more accounts in one (1) or more banks authorized to do business in this state to accomplish those purposes.

(b) The division may hire legal counsel of its choice to assist in the administration of this subchapter.