I. There is established an equipment and instruction program in which any regional career and technical education center may establish a revolving fund to be used for capital improvement costs for the replacement or upgrading of equipment, or for aiding instruction in the various career and technical education programs offered by the center. The fund shall be used to pay necessary costs of equipment and related instructional materials which are required to provide up-to-date adult, business and industry training, re-training or customized programs.
II. If a revolving fund is established, the revenues from non-school district sources generated by career and technical educational programs in excess of legitimate and customary school district expenses shall be placed in the fund. Such revenues shall include, but are not limited to, profits from program operations consisting of capitalization costs calculated as part of rental services, cash gifts to career and technical education programs, and moneys from the sale of donated equipment. The revolving fund shall be established as a separate school district account and shall be used only for the purposes specified in paragraph I.