(1) All money received and collected in payment of the tax imposed by this part 3 shall be transmitted to the state treasurer, who shall distribute the money as follows:
(a)
(I) Until June 30, 2018, the first forty million dollars received and collected annually shall be transferred to the public school capital construction assistance fund created by article 43.7 of title 22 or to any successor fund dedicated to a similar purpose; and
(II) On and after July 1, 2018, the greater of the first forty million dollars received and collected annually or ninety percent of the money received and collected annually shall be transferred to the public school capital construction assistance fund created by article 43.7 of title 22 or to any successor fund dedicated to a similar purpose; and
(b) Any amount remaining after the transfer pursuant to subsection (1)(a) of this section shall be transferred to the public school fund created in section 3 of article IX of the state constitution, which is the same as the public school fund described in section 22-41-102.
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