This subsection effectively supplants the decision in Attorney General Opinion MW-429. The securities- loan program under section 15.14 constitutes an investment of these assets. Attorney General Opinion MW-429 at 3. The subsection also specifically states that it prevails over any contrary constitutional provisions. In addition, the Board of Education's investment authority prevails over the language in article VII, section 4 that purports to make the state responsible for all investments.
Constitutional provisions operate prospectively.
An amendment to the constitution does not revive an unconstitutional statute unless that amendment expressly adopts or ratifies the statute. However, because the legislature did not have the authority to adopt section 15.14 in 1979, it is void and is not revived by the adoption of the constitutional amendment in 1987. Along with establishing the permanent and available school funds, article VII, section 5 governs the use, distribution, and investment of these funds. Attorney General Opinion MW-429 did not articulate how section 15.14 violated article VII, section 5. 2. At the time Attorney General Opinion MW-429 was issued, the comptroller was the official directed to make investments under section 4.