(1) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than Thirty-two Million Dollars ($32,000,000.00) out of the proceeds of bonds authorized to be issued in this chapter to be made available to counties, municipalities, or state, county or municipal port and airport authorities through a Port, Airport and Rail Revitalization Revolving Loan Fund for the purpose of making loans to port and airport authorities for the improvement of port and airport facilities, or making loans to counties or municipalities for publicly owned freight rail service projects, to promote commerce and economic growth. Proceeds shall not be made available to provide any facilities for utilization by a gaming vessel.
(2) In exercising its authority, the Mississippi Development Authority shall establish criteria and guidelines to govern loans made pursuant to this section.