An institution of higher education shall annually use for the purposes described in Title IX of the Education Amendments of 1972, 20 U.S.C. Sec. 1681 et seq., an amount of revenue equal to the total amount of sales and use tax revenue collected under Title 59, Chapter 12, Sales and Use Tax Act:
(1) during the one-year period beginning on July 1, 1997, and ending on June 30, 1998; and
(2) on amounts paid for admission to athletic events at the institution of higher education.