[§304A-2167.5]  University revenue-undertakingsfund.  (a)  There is established a special fund for the University ofHawaii to be known as the university revenue-undertakings fund into which allrevenue of the university under subpart D of part VI, including anyappropriation allocated pursuant to this section received from, or related to,university projects, university systems, or networks or any combinationthereof, constructed or maintained by the board under subpart D of part VIshall be deposited.  At the direction of the board, there may be establishedaccounts in the university revenue-undertakings fund as required by theresolution authorizing revenue bonds.

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

(b)  All moneys in the university revenue-undertakingsfund shall be applied in accordance with the resolution of the boardauthorizing the issuance of revenue bonds under subpart D of part VI, asfollows:

(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 interestthereon, for the payment of which all or any part of the revenue of theuniversity is or has been pledged, charged, or otherwise encumbered, includingreserves therefor;

(3)  To reimburse the university for all moneysadvanced to pay the expenses incurred in making the preparation for the initialissuance of revenue bonds under  subpart D of part VI;

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

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

If adequate provision is made for all theforegoing purposes, and if permitted by law and the covenants in the resolutionauthorizing the issuance of revenue bonds under subpart D of part VI, anymoneys remaining in the university revenue-undertakings fund at the end of afiscal year may be expended by the board in subsequent years in furtherance ofany of the purposes of the university.

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