Upon order of the board of directors, all expenses incurred in connection with the authorization, preparation, sale, and issuance of bonds authorized by this chapter and by the amendment shall be paid out of the proceeds thereof. The proceeds remaining after payment of such expenses, together with the income derived from the investment and reinvestment of such proceeds, including income derived from the investment and reinvestment of previously derived income, shall be disbursed from time to time on the order of the authority upon the approval of the Director of Finance, the Commissioner of Conservation and Natural Resources, and the Governor.