(a) Any area career and technical board shall have the power to create a special fund which may be designated as a capital reserve fund and to accumulate therein moneys to be expended, in accordance with the provisions of this section, during a period not to exceed five years from the date when the first payment was made into the fund, for the purpose of purchasing equipment or maintaining facilities.

(b) The capital reserve fund herein provided for shall consist of funds transferred during any fiscal year from appropriations made for this particular purpose and of unencumbered funds remaining from the current and/or prior years' general fund.

(c) The moneys in the capital reserve fund shall be kept separate and apart from any other fund by the treasurer of the area career and technical board, and the moneys in the fund may be invested by the operating agent in securities legal for the investment of sinking fund moneys of the school district. The interest earnings on investments shall be paid into the capital reserve fund. The area career and technical school shall annually show in its financial report the amount of moneys in the capital reserve fund which shall at all times be properly identified as to purpose.

(d) The moneys in any such capital reserve fund may be expended only upon approval of a majority of the members of the operating agent only during the period of time for which the fund was created and only for equipment purchases or facilities maintenance projects and for no other purpose.