The State Colleges Sport Facilities Cash Fund is created. The fund shall be administered by the Board of Trustees of the Nebraska State Colleges. The fund shall include transfers from the Civic and Community Center Financing Fund, revenue received from gifts, grants, bequests, donations, other similar donation arrangements, or other contributions from public or private sources, and such other revenue as may accrue to the State Colleges Sport Facilities Cash Fund. Expenditures from the fund are authorized to support renovation and construction of or improvements to facilities for intercollegiate athletics and student fitness, recreation, and sport activities at the Nebraska state colleges. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.