Utilization of Proceeds.
Section 8
SEC. 8. Utilization of Proceeds. — The proceeds of such loans, credits or indebtedness, as well as the appropriations under Section 9 hereof, shall be used exclusively for financing the educational development projects authorized under this Decree: Provided, That for the purpose of ensuring continued assistance to the planned development and improvement of programs and facilities in both public and private universities, colleges and schools, there is hereby authorized to be established an Educational Institutions Development Fund in an amount of not less than ten million pesos (P10,000,00), Philippine currency, annually for a period of ten (10) years. The said Fund shall be administered as a separate fund, and lending or relending operations to private universities, colleges and schools shall be subject to the rules and regulations to be promulgated by the National Board of Education with the approval of the Secretary of Finance. Cities, provinces and municipalities may undertake educational development projects pursuant to the objectives of this Decree and are hereby authorized to avail themselves of proceeds of loans, credits or indebtedness herein authorized as well as the appropriations under