§306-10 University revenue-undertakings fund. There is hereby created a special fund to be administered by the university and shall be known as the university revenue-undertakings fund, into which all revenue derived from a university project or university system shall be deposited. The university may deposit other revenue of the university into the fund. At the direction of the board, there may be established such accounts in the university revenue-undertakings fund as required by the resolution or resolutions authorizing revenue bonds. In the event that revenue bonds are issued under this chapter payable from the revenues of a university parking unit or the revenues of a university system that includes a university parking unit, the board in the resolution or resolutions authorizing such revenue bonds may direct that all or any part of the moneys required by sections 308-2 and 308-3 to be paid into the university parking revolving fund created by section 308-2 shall be deposited in the university revenue-undertakings fund in lieu of being deposited in the university parking revolving fund, and thereafter all such moneys or such part thereof as the board has directed shall be deposited in the university revenue-undertakings fund in lieu of being deposited in the university parking revolving fund. All moneys in the university revenue-undertakings fund are appropriated and shall be applied in accordance with the provisions of the resolution or resolutions of the board authorizing the issuance of revenue bonds under this chapter:
(1) To provide for all costs of construction, operation, repair, and maintenance of university projects or university systems, including reserves therefor;
(2) To pay when due all revenue 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 university for all moneys advanced to pay the expenses incurred in making the preparation for the initial issuance of revenue bonds under this chapter;
(4) To reimburse the general fund of the State for all bond requirements for general obligation bonds that are or shall have been issued for a university project or university system, or to refund any of those general obligation bonds, except insofar as the obligation of reimbursement has been or shall be cancelled by the legislature, the bond requirements being the interest on term and serial bonds, sinking fund for term bonds, and principal of serial bonds maturing the following year;
(5) To provide a reserve for betterments and improvements to, and renewals and replacements of, university projects or university systems. If adequate provision has been made for all the foregoing purposes, and if permitted by the covenants in the resolution or resolutions authorizing the issuance of revenue bonds under this chapter, any surplus moneys remaining in the university revenue-undertakings fund at the end of any fiscal year may be expended by the board in subsequent years in furtherance of any or all of the purposes of the university. [L 1947, c 141, pt of §1; RL 1955, §44-70; am L 1957, c 152, §1; am L Sp 1959 1st, c 20, §2(j); am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1; HRS §306-10; am L 1971, c 141, §1(j); gen ch 1985; am L 2005, c 138, §7]