Sec 37-741. Public roads and public education fund; purposes; approval of expenditures by legislature; distribution

A. There is created a special fund known as the state public roads and public education fund. There shall be deposited in the fund all monies received by the state as its distributive shares of the amounts collected by the United States government under the provisions of the act of Congress of February 25, 1920, chapter 85 (41 Stat. 437) and acts amendatory thereof, entitled, "an act to promote the mining of coal, phosphate, oil, oil shale, gas and sodium on the public domain".

B. No monies shall be expended from the fund created by subsection A of this section without prior approval therefor by an act of the legislature. The legislature may authorize expenditures from the fund for any of the following purposes:

1. The construction and maintenance of public roads.

2. The support of public schools or other public educational institutions.

C. At the beginning of each fiscal year, one-half of the balance in the state public roads and public education fund shall be transferred to the state highway fund to be expended for secondary roads and one-half shall be transferred to the permanent state school fund and shall be administered as provided by section 37-521.