(1) As used in this title, the term "state equalization aid" means revenue as required in this section for distribution to the public schools for guaranteed tax base aid, BASE aid, and state debt service assistance.
(2) The superintendent of public instruction may spend throughout the biennium funds appropriated for the purposes of guaranteed tax base aid, BASE aid for the BASE funding program, and state debt service assistance.
(3) The following money must be paid into the guarantee account provided for in 20-9-622 for the public schools of the state as indicated:
(a) subject to 20-9-516 (2)(a), interest and income money described in 20-9-341 and 20-9-342; and
(b) investment income earned by investing interest and income money described in 20-9-341 and 20-9-342.