(a) A special fund is created in the State Treasury to be known as the “Beach Preservation Fund,” hereafter referred to in this chapter as “the Fund.”
(b) The Fund may be used as necessary to effectuate the purposes of this chapter.
(c) The balance of the Fund shall be at least $1,000,000 at the beginning of each fiscal year after July 22, 1972. Such sums as are necessary to restore the Beach Preservation Fund to a balance of at least $1,000,000 shall be appropriated annually from the General Fund or borrowed annually after fiscal year 1973 by the issuance of bonds or bond anticipation notes upon the full faith and credit of the State as may be authorized within the annual capital improvement program. Such bonds and notes shall be issued in accordance with Chapter 74 of Title 29. For purposes of identification, the bonds issued pursuant to such authorization may be known, styled or referred to as “beach preservation bonds.