There is hereby established in the office of the treasurer a fund to be known as the community college system debt service fund, which shall be accounted for separately from other funds. All moneys credited to the fund from payments made to the treasurer by the community college system shall be used exclusively for repayment of principal and interest on bonds issued by the treasurer, the proceeds of which fund the construction or renovation of capital projects undertaken by the community college system of New Hampshire self-supporting campus facilities. The moneys in the fund shall be nonlapsing and continually appropriated to the treasurer.