(1)The Secretary of State may by order provide—
(a)for the funding authority to exercise the function of making and receiving payments under all or any of the agreements which he has entered into or may enter into under section 105 of the [1988 c. 40.] Education Reform Act 1988 (city technology colleges and city colleges for the technology of the arts), and
(b)for any such agreement to have effect accordingly.
(2)Any sums received by a funding authority in the exercise of those functions shall be paid to the Secretary of State.