(a) Fund.--There is hereby established a separate account in the State Treasury, to be known as the Industrial Land Recycling Fund, which shall be a special fund administered by the department.

(b) Purpose.--The moneys deposited in this fund shall be used by the department for the purpose of implementing the provisions of this act.

(c) Funds.--In addition to any funds appropriated by the General Assembly, Federal funds and private contributions and any fines and penalties assessed under this act shall be deposited into the fund. Moneys in the fund are hereby appropriated, upon the approval of the Governor, for the purposes of this act.

(d) Annual report.--The department shall on October 1 of each year report to the General Assembly on the expenditures and commitments made from the Industrial Land Recycling Fund.