(a) If, pursuant to subdivision (c) of Section 80524, the commission makes a just and reasonable determination with respect to that revenue requirement, the department shall, and in any obligation entered into pursuant to this division may covenant to, at least annually, and more frequently as required, allocate or cause to be allocated moneys collected pursuant to this division to provide any of the following:

1. (1) The amounts necessary to pay the principal of, and premium, if any, and interest on, bonds issued pursuant to paragraph (2) of subdivision (b) of Section 80540 as and when the bonds shall become due.
2. (2) The amounts necessary to make payments under any contracts, agreements, or obligations entered into by it pursuant hereto, in the amounts and at the times they shall become due.
3. (3) Reserves in such amount as may be determined by the department from time to time to be necessary or desirable.
4. (4) The administrative costs of the department incurred in administering this division.
5. (5) After meeting the purposes in paragraphs (1) to (4), inclusive, the transfer of any remaining revenue requirement amount to the account.