(1) The Business Innovation Cash Fund is created. The fund shall be used to carry out the Business Innovation Act, except that the fund shall not be used for purposes of sections 81-12,155.01 and 81-12,163.01. The fund shall consist of deposits to the fund as required by sections 48-648 and 48-649 to 48-649.04. Any money in the 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.

(2) Money in the fund shall be expended by the department for the purpose of:

(a) Carrying out the Business Innovation Act, except that such money shall not be expended for the purpose of carrying out the Bioscience Innovation Program; and

(b) Payment of unemployment benefits if determined necessary by the Commissioner of Labor.

(3) The department, or any entity with which the department contracts for such purpose, may use up to five percent of any appropriation from the fund for administrative expenses.