(1) There is a school facilities fund administered by the department of administration. Pursuant to 17-5-703, a percentage of coal severance taxes received by the state must be deposited into this fund. Earnings not transferred to the school facility and technology account as provided in subsection (2) must be retained in the school facilities fund.
(2) The school facility and technology account established in 20-9-516 receives earnings from the school facilities fund as provided in 17-5-703.