The agency shall establish a special account, to be known as the guaranty account, and shall pay into this account all moneys appropriated and made available by the state for the purposes of the account, and other moneys which may be made available for the purposes of the account from any other source. All moneys held in the guaranty account shall be used by the agency to meet its liabilities on contracts made by it pursuant to § 13-22-112 and upon such terms and conditions as the agency may prescribe.