(1) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Armory Construction Fund”.
(2) The fund shall consist of proceeds derived from the sale or other disposition of National Guard armories or property thereof, there to be used for the construction, improvement, or equipping of National Guard armories or for such other purposes as may be provided by law.