(a) The Alaska debt retirement fund is established as a separate fund in the general fund. The fund consists of all money appropriated to it.
(b) The Alaska debt retirement 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) for the purposes set out in AS 37.15.012;
(2) to reimburse municipalities for obligations authorized under AS 14.11.100;
(3) to finance the acquisition of state facilities through lease-purchase agreements; and
(4) if an unobligated balance remains, to finance the design and construction of capital projects.