F.  Federal Funds



 



[§304A-2401]  Land-grant college aid. 
The State hereby accepts and assents to the terms and provisions of paragraph
14(e) of the Act of Congress, approved July 12, 1960, entitled: "to amend
certain laws of the United States in light of the admission of the State of
Hawaii into the Union, and for other purposes" (Public Law 86-624), and
hereby consents to receive the benefits thereof in the manner and form and for
the purpose in the Act intended and provided.



Until otherwise provided by law, the university
shall be the beneficiary of the income from the funds in the Act mentioned and
shall use and disburse the income from the funds only for the purposes and in
the manner provided in the Act.  The board of regents shall be the custodian of
the funds.  The board shall invest the funds in the manner provided by the
Act.  All income earned by the funds shall be credited to the university and
used only for the purposes provided in the Act.  The funds and all income
earned therefrom shall be deemed to be trust money. [L 2006, c 75, pt of §2]