(1) The Innovation Hub Cash Fund is created. The fund shall be administered by the department and shall consist of application fees received under section 81-12,110, funds transferred by the Legislature, and any other money as determined by the Legislature.

(2) The fund shall be used by the department for purposes of carrying out the Nebraska Innovation Hub Act. 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.