(1) The Military Installation Development and Support Fund is created. The fund shall be used to contribute to construction, development, or support for any military installation, located in Nebraska, for purposes of improving mission retention and recruitment; supporting the morale, health, and mental wellness of military members and families; and growing the economic impact of military installations in Nebraska. The Department of Veterans' Affairs shall administer the fund. The fund shall consist of transfers authorized by the Legislature and any gifts, grants, or bequests from any source, including federal, state, public, and private sources, for such purposes. 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. Beginning October 1, 2024, any investment earnings from investment of money in the fund shall be credited to the General Fund.

(2) The Military Installation Development and Support Fund may be used for any project that directly supports any military installation located in Nebraska.

(3) The Department of Veterans' Affairs shall require a match of public or private funding in an amount equal to or greater than one-half of the total cost of any project described in subsection (2) of this section prior to authorizing an expenditure from the fund.

(4) For purposes of this section, military installation means a base, camp, post, station, yard, center, armory, or other activity under the jurisdiction of the United States Department of Defense or the Nebraska Military Department.