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

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

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

(b)  The following shall be deposited into thespecial fund:

(1)  Appropriations by the legislature to the specialfund;

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

(A)  Proposed for large lot subdivision as afive hundred acre parcel and designated as Lot 10077 in Land Court Application1069; and

(B)  Obtained from the Campbell Estate in theland 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-oneacres, more or less; and

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

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

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