[§304A-2259]  University of Hawaii alumnirevolving fund.  There is established the University of Hawaii alumnirevolving fund into which shall be deposited funds and proceeds received by theuniversity from alumni activities and donations from alumni.  Funds depositedinto this revolving fund may be expended by the university for all costsassociated with conducting alumni affairs, activities, and programs for theuniversity system, including but not limited to expenses for honoraria, hoteland room rentals, food and refreshment, printing and mailing, banners andsigns, plaques and awards, airfare and per diem, leis, rental of audiovisual,musical, and stage equipment, and activity supplies and materials, withoutregard to statutory competitive bidding requirements. [L 2006, c 75, pt of §2]