The land described in section 90-247 shall be sold to the highest bidder at public auction. The income from the sale of all or any portion of the land described in section 90-247 shall be deposited in the State Treasurer's Land Sales Distributive Fund, which fund is hereby created. The distributive fund shall be used only for the purpose of refunding money to the purchaser of the land as provided by any contract or agreement or, when all conditions of the sale have been fulfilled, for transfer of the income from the sale and any accrued interest to the State Treasurer for credit to the General Fund. Any money in the distributive 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.