The first eighteen million dollars generated from three cents of the tax levied in this chapter must be segregated in a separate account for economic development. This account may be expended only upon the authorization of the South Carolina Coordinating Council for Economic Development which shall establish project priorities. Funds devoted to the economic development account must remain in the account if not expended in the previous fiscal year. Annually, funds from the tax must be deposited to replenish the account to the extent and in an amount necessary to maintain an uncommitted and/or an unobligated fund balance of eighteen million dollars but not to exceed eighteen million dollars for the ensuing fiscal year. The council may spend no more than two hundred fifty thousand dollars, in the first year only, for a long-term economic development plan which must be submitted to the General Assembly on completion of the plan. The council may spend not more than sixty thousand dollars annually for a state infrastructure model.

All interest earnings on the Economic Development Account must be credited to the State Highway fund.