[§304A-2167.5]  University revenue-undertakings
fund.  (a)  There is established a special fund for the University of
Hawaii to be known as the university revenue-undertakings fund into which all
revenue of the university under subpart D of part VI, including any
appropriation allocated pursuant to this section received from, or related to,
university projects, university systems, or networks or any combination
thereof, constructed or maintained by the board under subpart D of part VI
shall be deposited.  At the direction of the board, there may be established
accounts in the university revenue-undertakings fund as required by the
resolution authorizing revenue bonds.



If revenue bonds are issued under subpart D of
part VI payable from the revenue of a university parking facility or the
revenue of a university system that includes a university parking facility, the
board in the resolution authorizing revenue bonds may direct that all or any
part of the moneys required by this chapter to be paid into the university
parking revolving fund created by section 304A-2275 shall be deposited in the
university revenue-undertakings fund in lieu of being deposited in the
university parking revolving fund.



(b)  All moneys in the university revenue-undertakings
fund shall be applied in accordance with the resolution of the board
authorizing the issuance of revenue bonds under subpart D of part VI, as
follows:



(1)  To provide for all costs of construction,
operation, repair, and maintenance of a university project, university system,
network, or any combination thereof, including reserves therefor;



(2)  To pay when due all revenue bonds and interest
thereon, for the payment of which all or any part of the revenue of the
university 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  subpart D of part VI;



(4)  To reimburse the general fund of the State for
principal and interest on general obligation bonds issued for all university
projects, university systems, networks, or any combination thereof, or issued
to refund any of such general obligation bonds, to the extent required by law;
and



(5)  To provide a reserve for betterments and
improvements to and renewals and replacements of, university projects,
university systems, networks, or any combination thereof.



If adequate provision is made for all the
foregoing purposes, and if permitted by law and the covenants in the resolution
authorizing the issuance of revenue bonds under subpart D of part VI, any
moneys remaining in the university revenue-undertakings fund at the end of a
fiscal year may be expended by the board in subsequent years in furtherance of
any of the purposes of the university.



(c)  The following terms used in this section
shall be as defined in section 304A-2671:  "appropriation",
"board", "construction", "cost of construction",
"cost of maintenance", "maintenance", "network",
"reserves", "revenue bonds", "revenue of the
university", "university project", and "university
system". [L 2007, c 161, §2]