A. The state lottery revenue bonds shall be sold at public or private sale at the price and on the terms prescribed by the director at, above or below par. The first four hundred fifty million dollars of proceeds received from the issuance of state lottery revenue bonds shall be deposited in the state general fund.

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B. The state lottery revenue bond proceeds fund is established. Except as provided in subsection A, the fund shall consist of the net proceeds received from the sale of any state lottery revenue bonds issued by the director pursuant to this article. The department shall administer the fund.

C. The director may use monies in the state lottery revenue bond proceeds fund only for the purposes provided in section 5-532, subsection A, paragraphs 2, 3 and 4. The monies in the fund are exempt from the provisions of section 35-190 relating to the lapsing of appropriations.