(a) The proceeds of the sale of the bonds of any issue or series shall be deposited into the State Board Certificate Revolving Loan Account created pursuant to § 6-20-907.
(b) The proceeds shall not be deposited into the Revolving Loan Fund, and none of the pledged obligations identified in § 6-20-1011 shall be held by the Treasurer of State or be considered to have been purchased or to be owned by the State Board of Education for any purpose of Acts 1963, No. 443, as amended.