(a) Notwithstanding any other provision of law, the Treasurer may invest or reinvest unexpended or surplus State money in obligations that the Maryland Environmental Service issues for a capital project if: (1) there is a commitment of federal funds for the project; (2) the Service has not received the federal funds; (3) the amount of the investment does not exceed the federal commitment; and (4) as to any investment or reinvestment that exceeds $500,000, the Board of Public Works approves the investment or reinvestment. (b) The Treasurer shall set the conditions of the investment or reinvestment, including the term, the interest rate, and any service charge. (c) The Maryland Environmental Service shall repay the investment or reinvestment when the term that the Treasurer sets ends or, if sooner, when the Service receives the final federal funds.