1.  There is hereby created in each county treasury or in a separate account, if established under NRS 354.603, a fund to be designated as the county school district buildings and sites fund.

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2.  The county school district buildings and sites fund shall be composed of:

(a) Receipts from the rentals and sales of school property.

(b) Gifts to the school district for any or all of the purposes enumerated in NRS 387.335.

(c) All moneys received from the Federal Government for the construction of school facilities.

3.  Moneys in the county school district buildings and sites fund may be expended by the board of trustees, notwithstanding such expenditures have not been budgeted in accordance with law, only for the purposes enumerated in NRS 387.335, and no others.