(1) The Nebraska Transformational Project Fund is hereby created. The fund shall receive money from application fees paid under the Nebraska Transformational Projects Act and from appropriations from the Legislature, grants, private contributions, repayments of matching funds, and all other sources. 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) It is the intent of the Legislature that the State Treasurer shall transfer an amount not to exceed three hundred million dollars to the Nebraska Transformational Project Fund. Such transfers shall only occur after the applicant has been selected for participation in the program described in Title VII, Subtitle C, section 740 of Public Law 116-92 and commitments totaling one billion three hundred million dollars in total investment, including only federal dollars and private donations, have been secured. In no case shall any transfer occur before fiscal year 2025-26 or before the total amount of refundable credits granted annually under the Nebraska Property Tax Incentive Act reaches three hundred seventy-five million dollars. Distributions shall only be made from the fund in amounts equal to the amount of private dollars received by the applicant for the project.

(3) Any money remaining in the fund after all obligations have been met shall be transferred to the General Fund.