The Connecticut Higher Education Supplemental Loan Authority shall establish and maintain a separate, nonlapsing account to hold funds for the Nursing, Mental Health Care and Emergency Medical Service Professionals Loan Subsidy Program established pursuant to section 10a-247b. The account shall contain any moneys required by law to be deposited in the account, including, but not limited to, any state appropriation and the proceeds from the sale of any bonds issued for the purpose of section 10a-247b. Moneys in the account shall be expended by the Connecticut Higher Education Supplemental Loan Authority (1) for the purposes of the Nursing, Mental Health Care and Emergency Medical Service Professionals Loan Subsidy Program established pursuant to section 10a-247b including, but not limited to, for reasonable expenses necessary to administer said program, (2) to issue authority loans under said program to refinance one or more eligible loans, and (3) to maintain a reserve, held by the authority, to cover any losses incurred by the authority in issuing authority loans under said program. For the purposes of this section, “authority loans” and “eligible loans” have the same meanings as provided in section 10a-223.