There is hereby created the Nebraska Community College Student Performance and Occupational Education Grant Fund. The fund shall be under the direction of the Nebraska Community College Student Performance and Occupational Education Grant Committee and shall be administered by the Coordinating Commission for Postsecondary Education. The fund shall consist of money received by the state in the form of grants or gifts from nonfederal sources, such other amounts as may be transferred or otherwise accrue to the fund, and any investment income earned on the fund. The fund shall be used to provide aid or grants to the community colleges pursuant to section 85-1539. 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.