Pursuant to the authority of § 59-47-80, the board of commissioners shall establish a maintenance fee schedule to be charged students attending the school. Such schedule may, in the discretion of the board, be graduated in accordance with the financial resources and income of the parent or guardian of the student concerned, or may be excused entirely in proper cases. Failure to pay maintenance fees in accordance with the schedule prescribed by the board may result in the discharge of a student from the school when the board determines that payment of fees would not be an unreasonable burden upon those persons obligated to pay such fees. All funds collected as maintenance fees, including any such fees collected prior to July 1 1970, shall be remitted to the State Treasurer for deposit in a special fund to be used for capital improvements at the school.