The board is authorized to establish a consolidated revolving loan fund for the purpose of providing monies for the operation of all forgivable loan programs authorized to the board and for the purpose of providing monies for the operation of such other loan programs as may be deemed appropriate and authorized by the board from time to time for the furtherance of education of eligible applicants. The board shall be charged with the duty of directing the dispensing of such funds in a manner so as to best effectuate the purpose of this section. Any monies collected in the form of repayment of loans, both principal and interest, shall be deposited in this fund. The board is authorized to maintain such revolving fund in an official state depository and, in accordance with Section 27-105-21, Mississippi Code of 1972, shall invest such funds, less the amount required for current operation, at interest as required by said section. All interest earned on such investments shall likewise be deposited in said fund.

From and after the effective date of this chapter [Laws, 1991, Chapter 547, effective July 1, 1991], the sums maintained in the respective revolving funds being repealed by Chapter 547, Laws, 1991, or other revolving funds being maintained by the board shall become and constitute the monies of the consolidated revolving fund created by this section, wherever such funds may be physically located. The board is hereby authorized to transfer said funds to an official state depository, as aforesaid.