D.  Revolving Funds

 

§304A-2251  University of Hawaiicommercial enterprises revolving fund.  [Repeal and reenactment on June30, 2011.  L 2009, c 11, §13.]  There is established the University ofHawaii commercial enterprises revolving fund into which shall be deposited allrevenues derived from the operation of commercial enterprises by universityprograms.  Revenues deposited into this fund may be expended by the universityfor all costs and expenses associated with the operation of the enterprises, includinghiring personnel, renovating commercial space, and purchasing merchandise,supplies, and equipment, without regard to chapters 76, 78, 89, 103, and 103D. Any law to the contrary notwithstanding, the university may transfer all fundsat its disposal, with the exception of general funds and University of Hawaiituition and fees special fund moneys, into the revolving fund to finance theestablishment of new commercial enterprises; except that no more than ten percent of the tuition and fees special fund moneys may be loaned to the revolvingfund to finance the establishment of new commercial enterprises.  Revenues notexpended as provided in this section may be transferred to other universityfunds to be expended for the general benefit of the university. [L 2006, c 75,pt of §2; am L 2008, c 106, §§1, 3]