Sec. 12. Unless there are bonds outstanding under this chapter, any tax revenues received by the board from the treasurer of the state as provided by law shall be deposited in a separate and distinct fund called the "capital improvement fund". Any money in the fund may be expended by the board without the necessity of an appropriation to pay: (1) operating expenses and maintain reasonable reserves; (2) for services of architects, engineers, accountants, attorneys, and consultants; (3) for all or part of the cost of a capital improvement; (4) the principal on, or interest of, any bonds issued under this chapter that cannot be paid from money in the capital improvement bond fund; or (5) for any other purpose that has been budgeted and approved under section 8 of this chapter.
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