(1) The prevailing wage fund is created in the state treasury.

    (2) The state treasurer shall deposit money and other assets received from fees or fines imposed under this act or from any other source in the fund. The state treasurer shall direct the investment of money in the fund and credit interest and earnings from the investments to the fund.

    (3) Money in the fund at the close of the fiscal year does not lapse to the general fund.

    (4) The commissioner is the administrator of the fund for audits of the fund.

    (5) The commissioner shall expend money from the fund on appropriation only to implement this act.