There is hereby established a state school building fund into which there shall be paid all the moneys derived from the sale of the bonds authorized by the "better school buildings amendment." The proceeds of the fund shall be distributed by the state board to such county boards of education as qualify therefor by meeting such conditions, qualifications and requirements as are prescribed in this article. The proceeds of the fund shall be used by the county boards of education solely for the construction, renovation or remodeling of elementary or secondary public school buildings or facilities, the equipping of the same in connection with any such construction, renovation or remodeling and the acquisition and preparation of sites for elementary or secondary public school buildings or facilities.
Except for such sums necessary for current operating balances, the proceeds of the funds shall be invested and reinvested in short-term obligations of the United States treasury. However, no such investment or reinvestment shall adversely affect the current operating balances of such fund. Any sums accruing as a result of such investment shall be allocated to the counties on a per pupil basis without regard to any incentive provision as provided in section six of this article.
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