(b) Notwithstanding subparagraph (a) of this Paragraph, proceeds from general
obligation debt issued for making loans to local government entities for water or sewerage
facilities or systems or for regional or multijurisdictional solid waste recycling or solid waste
facilities or systems as provided in Paragraph I(e) of this section shall be paid or transferred
to and administered and invested by the unit of state government or state authority made
responsible by law for such activities, and the proceeds and investment earnings thereof shall
be applied and disbursed by such unit or authority.