(1) Construct and maintain university projects, including a university project included or to be in a university system;

(2) Combine two or more university projects, now or hereafter existing on any one or more of the areas of any one or more of the educational institutions under the control of or governed by the board, into a university system or systems, and to maintain such system or systems;

(3) Prescribe and collect rents, fees and charges for the use of or services furnished by any university project or the facilities thereof;

(4) With the approval of the governor, issue revenue bonds, to finance in whole or in part the cost of construction, or maintenance, or both, of any university project, including a university project included or to be included in a university system;

(5) Pledge to the punctual payment of such revenue bonds and interest thereon, the revenue of the university project or projects for the construction or maintenance of which the bonds have been issued, or the revenue of the university system in which such university project is to be included, and the revenue of other or all university projects or university systems, in an amount sufficient to pay such bonds and interest as the same become due and to create and maintain reasonable reserves therefor;

(6) Advance such moneys of the university, not otherwise required, as are necessary to pay the expenses incurred in making the preparations for the initial issuance of revenue bonds under this chapter, and to take any other action necessary or proper for carrying into execution and administering this chapter, including providing for the full utilization of university projects and university systems in every way conducive to the furtherance of any or all of the purposes of the university. [L 1947, c 141, pt of §1; RL 1955, §44-61; am L Sp 1959 1st, c 20, §2(a); am L 1967, c 161, §1; HRS §306-2; am L 1971, c 141, §1(b)]