(a) All proceeds from the leases, permits, interest income generated from public school lands, and other revenue generated from the nonpermanent disposition of public school lands, including facilities, pursuant to section 302A-1151.1 shall be deposited into the school facilities subaccount established pursuant to section 302A‑1148(b).
(b) Except as otherwise provided, all moneys in the school facilities subaccount shall be used exclusively for the new construction and upgrade of twenty-first century school facilities, as well as the repair and maintenance of existing school facilities.