(a) The State Board of Education must receive no less than par and accrued interest for the certificates, which are called “proceeds”.
(b) The proceeds shall not be deposited into the Revolving Loan Fund and the certificates shall not be considered obligations owned by the state board for purposes of Acts 1963, No. 443 and the obligations of the state board thereunder.
(c) The state board shall deposit the proceeds into a special fund designated “State Board Certificate Revolving Loan Account”, herein sometimes called “Revolving Certificate Proceeds Account”.
(d) Any moneys in the Revolving Certificate Proceeds Account not immediately required for the Revolving Loan Program may be invested, pursuant to the direction of the Commissioner of Education, in direct obligations of the United States, and all earnings on investments shall remain in and be part of the Revolving Certificate Proceeds Account.