The Connecticut Higher Education Supplemental Loan Authority shall establish an account to be known as the Certificate Loan Loss Reserve and Funding account, which shall be a separate, nonlapsing account. The account shall contain any moneys required by law to be deposited in the account, including, but not limited to, state appropriations or proceeds from the sale of bonds. Moneys in the account shall be expended by the authority to (1) fund authority loans issued to a borrower to finance enrollment in a Connecticut high-value certificate program, as defined in section 10a-223, (2) to cover any losses incurred by the authority from issuing such authority loans, (3) for reasonable and necessary expenses for the administration of such authority loans, and (4) any initial implementation expenses prior to the origination of such authority loans.