From the proceeds of any receipts transferred pursuant to the provisions of the Rhode Island Constitution, the state controller is authorized to create an account or accounts within the bond capital fund. These accounts shall be used to record expenditures from these receipts, which are authorized to be spent with the approval of the governor. Certain of these funds may be allocated to agencies for the purpose of completing preliminary planning studies for proposed projects. In the event the project is completed with funds appropriated from another source, the preliminary planning funds shall be returned to the bond capital fund and shall be placed in a revolving account for future reallocation. The intended use of the Rhode Island capital plan funds shall be determined through the annual capital and operating budget process.