(1) The department may charge and collect the following administrative fees for the costs associated with the administration of this part 17:

(a) The direct allocation fee. The department may charge an administrative fee for direct allocations. The executive director shall annually determine the amount of the fee. In no event shall the amount of the fee specified in this paragraph (a) be set so as to reimburse the department for more than thirty percent of the direct and indirect costs of administering this part 17. The fee charged shall only be borne by entities that use the direct allocation to issue private activity bonds or make a mortgage credit certificate election.

(b) The statewide balance application fee. No application for an allocation required by section 24-32-1707 shall be complete unless it is accompanied by an application fee. The executive director shall determine the amount of the fee.

(c) The statewide balance issuance fee. The department may charge an administrative fee to entities that receive bonding authority from the statewide balance as specified in section 24-32-1707. The executive director shall annually determine the amount of the fee based on the costs associated with the administration of this part 17.

(2) (a) The fees collected pursuant to this section shall be transmitted to the state treasurer, who shall credit the fees to the private activity bond allocations fund, which fund is hereby created in the state treasury and referred to in this subsection (2) as the "fund". The moneys in the fund shall be subject to appropriation by the general assembly for the direct and indirect costs associated with the administration of this part 17. All interest and income derived from the deposit and investment of moneys in the fund shall be credited to the fund. Any unexpended and unencumbered moneys remaining in the fund at the end of a fiscal year shall remain in the fund and shall not be credited or transferred to the general fund or any other fund.

(b) For fiscal years prior to July 1, 2019, the fund is excluded from the limitations specified in section 24-75-402, and the fund's maximum reserve is three times the level of the prior year's spending authority from the fund. The uncommitted reserves of the fund shall not exceed the maximum reserve. If the amount of uncommitted reserves of the fund at the conclusion of any given fiscal year exceeds the maximum reserve, the executive director shall reduce the amount of one or more of the fees specified in subsection (1) of this section to an amount calculated to result in an amount of uncommitted reserves of the fund for the current fiscal year that does not exceed the maximum reserve. In calculating the reduction in fees, the executive director may take into account any increases in spending authority from the fund. If the executive director reduces the amount of a fee pursuant to this paragraph (b), the executive director may subsequently raise the amount of the fee so long as the projected amount of uncommitted reserves of the fund does not exceed the maximum reserve. The executive director shall not increase the fee beyond any limits specified in subsection (1) of this section. For fiscal years that begin on or after July 1, 2019, the fund is subject to the maximum reserve established in section 24-75-402.

(3) The executive director may promulgate rules in accordance with article 4 of this title to the extent necessary for the administration of this part 17.