[§304A-2166]  University of Hawaii-West Oahu
special fund.  (a)  There is established the University of Hawaii-West Oahu
special fund.  The proceeds of the special fund shall be used for the following
purposes:



(1)  Planning, land acquisition, design, construction,
and equipment necessary for the development of the permanent campus of the
University of Hawaii-West Oahu in Kapolei; and



(2)  Planning, land acquisition, design, improvement,
and construction of infrastructure and other public or common facilities
necessary for the development of the permanent campus of the University of
Hawaii-West Oahu in Kapolei.



(b)  The following shall be deposited into the
special fund:



(1)  Appropriations by the legislature to the special
fund;



(2)  All net proceeds from the sale of public lands,
all net rents from leases, licenses, and permits, or all net proceeds derived
from development rights for public lands:



(A)  Proposed for large lot subdivision as a
five hundred acre parcel and designated as Lot 10077 in Land Court Application
1069; and



(B)  Obtained from the Campbell Estate in the
land exchange described in section 2 of Act 294, Session Laws of Hawaii 1996,
located mauka of the H-1 Freeway and consisting of nine hundred forty-one
acres, more or less; and



(3)  Interest earned or accrued on moneys in the
special fund.



(c)  The fund shall be managed by the
university, which shall also make expenditures from the fund.



(d)  Notwithstanding any other law to the
contrary, no moneys from the special fund may be expended for any purposes
other than the purposes set forth herein unless otherwise approved by the
legislature. [L 2006, c 75, pt of §2]