A. The state library is the state library administrative agency, and the director may accept, on behalf of the state, any allocation of monies or materials made by the federal government for state library purposes, any appropriation of state monies for the purposes of this article or any bequest, grant or gift to the state library, and administer all of them under rules adopted by the director, unless otherwise provided by law. The administration may not be inconsistent with the conditions of the allocation, appropriation, bequest, grant or gift.

B. The state library fund is established. All monies received pursuant to this section and Section 41-151.05, except for federal monies, shall be deposited, pursuant to sections 35-146 and 35-147, in the fund and accounted for separately. Monies in the accounts are continuously appropriated to the state library for the purposes provided for in the fund sources, and monies in the fund are exempt from the provisions of section 35-190 relating to lapsing of appropriations. On notice from the director, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund.

C. All federal monies received as provided by this section shall be deposited, pursuant to sections 35-146 and 35-147, in a separate account of the fund and disbursed in the manner prescribed for the disbursement of state funds, but are not subject to section 35-190 relating to lapsing of appropriations.