A. The board shall establish a school improvement revenue bond debt service fund consisting of monies received by the board pursuant to section 42-5029, subsection E and section 37-521, subsection B, paragraph 1. All monies received pursuant to section 42-5029, subsection E shall be accounted for separately and shall be used only for debt service of school improvement revenue bonds. All monies received pursuant to section 37-521, subsection B, paragraph 1 shall be accounted for separately and shall be used only for debt service of qualified zone academy bonds.

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B. Monies in the school improvement revenue bond debt service fund may be used only for the purposes authorized by this article.

C. The state treasurer or bond trustee shall administer and account for the school improvement revenue bond debt service fund.