(1) If bonds are issued pursuant to subsection (3) of section 39-2223, seventy million dollars of the funds annually retained by the state and allocated to the State Highway Capital Improvement Fund pursuant to subsection (4) of section 39-2215 shall be hereby irrevocably pledged for the terms of the bonds to the payment of the principal, interest, and redemption premium, if any, of such bonds as they mature and become due at maturity or prior redemption and for any reserves therefor and shall, as received by the State Treasurer, be deposited directly in the State Highway Capital Improvement Fund for such purpose. Of the money in the State Highway Capital Improvement Fund not required for such purpose, such remaining money may be used as prescribed in section 39-2704.

(2) The State Treasurer shall disburse the money in the State Highway Capital Improvement Fund as directed by resolution of the commission. All disbursements from the State Highway Capital Improvement Fund shall be made upon warrants drawn by the Director of Administrative Services. Any money in the State Highway Capital Improvement Fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.