There is created in the state treasury the “nursing student loan for service fund”. All money appropriated for loans to nursing students under the Nursing Student Loan for Service Act shall be credited to the fund and all payments of principal and interest on loans made pursuant to that act received by the commission [department] shall be deposited with the state treasurer for credit to the fund or shall be deposited with the commission’s [department’s] administrative agent. All payments for loans shall be made upon vouchers signed by the designated representatives of the commission [department].