§306-9 University projects and university systems to be self-supporting. The board of regents shall impose and collect rates, rents, fees and charges for the use or enjoyment and services of the facilities of each university project, and shall revise such rates, rents, fees, and charges from time to time whenever necessary, so that all university projects and university systems shall be and always remain self-supporting. The rates, rents, fees and charges prescribed shall be such as will produce revenue at least sufficient:

(1) To pay the cost of maintenance of the university project or projects or university system or systems, including reserves therefor;

(2) To pay when due all bonds and interest thereon, for the payment of which the revenue is or has been pledged, charged, or otherwise encumbered, including reserves therefor;

(3) To reimburse the general fund of the State for any bond requirements on general obligation bonds issued for university project or projects or university system or systems to the extent required by law; and

(4) To carry out all covenants and provisions of the resolution or resolutions authorizing the issuance of revenue bonds.

Neither this section, nor any other section of this chapter shall preclude the making of appropriations to the board, the acceptance of gifts by the board or the use of funds derived from the sale of stocks, bonds, or other assets in the possession of the board to pay all or part of the costs of construction, of maintenance, or both, of any or all university projects or university systems. [L 1947, c 141, pt of §1; RL 1955, §44-69; am L Sp 1959 1st, c 20, §2(i); HRS §306-9; am L 1971, c 141, §1(i)]