(a) The educational facilities maintenance and construction fund is established as a separate fund in the general fund. The fund consists of all money appropriated to it.
(b) The educational facilities maintenance and construction fund shall be invested by the Department of Revenue so as to yield competitive market rates, as provided in AS 37.10.071. Money in the fund may be appropriated
(1) to finance the design, construction, and maintenance of public school facilities; and
(2) for maintenance of University of Alaska facilities.
(c) Appropriations from the education facilities maintenance and construction fund are subject to AS 14.11.008.