As of the effective date of this chapter, all funds, accounts, assets, encumbrances and liabilities located in or associated with Air Quality Improvement Fund, the Storage Tank Loan Fund and the Recycling Incentive Development Account shall be transferred to the Small Business First Fund and shall thereafter be handled in accordance with the provisions of this act, provided the funds shall be maintained and accounted for in a separate account of the Small Business First Fund and shall be available for use only for those capital development projects which will bring a small business enterprise into compliance with Federal or State environment laws or regulations or which will permit the small business enterprise to adopt generally acceptable pollution prevention practices. Any transfers of moneys from the Department of Environmental Protection to the Small Business First Fund after the effective date of this chapter shall likewise be deposited into the separate account and be available only for capital development projects. The department shall report annually to the Department of Environmental Protection on the status of the separate account and the loans made with funds in the account. As of the effective date of this chapter, the Air Quality Improvement Fund, the Storage Tank Loan Fund and the Recycling Incentive Development Account shall be terminated as separate accounts within the Treasury Department.