(1) The Military Department Aid Fund is created. The Adjutant General shall administer the fund. The fund shall consist of gifts, grants, bequests, money received from any public or private source, money credited pursuant to section 60-3,122.04, and money transferred to the fund by the Legislature.

(2) 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. Any interest or realized capital gains from any such investment shall be credited to the Military Department Aid Fund.

(3) The Military Department Aid Fund shall only be used pursuant to this section.

(4) The Adjutant General may award grants from the Military Department Aid Fund pursuant to section 55-302.