(1) There is a public school land acquisition account in the state special revenue fund established in 17-2-102. The account must be administered by the department.
(2) Money in the account may be used only for the purpose of purchasing and managing interests in and appurtenances to real property in accordance with 77-1-219.
(3) After deductions are made pursuant to 77-1-109 and 77-1-613, the net interest and income earned on real property and appurtenances purchased with funds from the account must be distributed to the school facility and technology account provided for in 20-9-516.