Sec. 12. Unless there are bonds outstanding under this chapter, any tax revenues received by the board from the treasurer of the state as provided by law shall be deposited in a separate and distinct fund called the "capital improvement fund". Any money in the fund may be expended by the board without the necessity of an appropriation to pay:
(1) operating expenses and maintain reasonable reserves;
(2) for services of architects, engineers, accountants, attorneys, and consultants;
(3) for all or part of the cost of a capital improvement;
(4) the principal on, or interest of, any bonds issued under this chapter that cannot be paid from money in the capital improvement bond fund; or
(5) for any other purpose that has been budgeted and approved under section 8 of this chapter.