If a county board accumulates the permanent improvement fund for more than two years, the proceeds of the fund shall be transmitted to the state sinking fund commission on or before the first day of December of the year in which the second successive levy for the fund is laid. Amounts subsequently accruing to the fund as of the first day of July of each year shall be transmitted to the state sinking fund commission on or before the first day of December ensuing. The state sinking fund commission shall keep a separate account for the fund of the county and shall invest the proceeds in any obligations authorized for the investment of the state workers' compensation fund. The proceeds of the fund may be withdrawn by the county board of education as authorized by this article upon sixty days' notice in writing to the state sinking fund commission.
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