Sec. 12. "Fee replacement" means payments to a state educational institution to be used to pay indebtedness resulting from financing the cost of:
(1) planning;
(2) purchasing;
(3) rehabilitation;
(4) construction;
(5) repair;
(6) leasing;
(7) lease-purchasing; or
(8) otherwise acquiring;
land, buildings, facilities, and equipment to be used for academic and instructional purposes.