(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 “Public Facilities Construction Fund”.
(2) The fund shall consist of the remainder of the proceeds from the sale of certificates of indebtedness as provided in § 22-3-1214, there to be used only for the redemption of the 1977 bonds and the 1979 bonds and for the construction of buildings authorized under the Public Facilities Finance Act of 1983, § 22-3-1201 et seq.