All revenues derived from lands now owned or later acquired under the provision of this act shall be segregated by the state treasurer for the use of the state board of land commissioners in the acquisition, management, development and use of such lands until all obligations incurred have been paid in full. Thereafter, fifty per cent (50%) of all net profits accruing from the administration of such lands shall be applicable for such purposes as the legislature may prescribe, and fifty per cent (50%) shall be paid into the school fund of the county in which lands are located. Provided, however, that revenues generated from such lands that are subsequently transferred to the department of parks and recreation shall remain with the department of parks and recreation.