A. If the board issues revenue bonds under this article, the board shall establish a school improvement revenue bond proceeds fund consisting of the net proceeds received from the sale of the bonds.
B. The board may use monies in the school improvement revenue bond proceeds fund only for the purposes provided in section 41-5781, subsection A. Monies in the school improvement revenue bond proceeds fund are exempt from lapsing under section 35-190.
C. The state treasurer or bond trustee shall administer and account for the school improvement revenue bond proceeds fund.