F.  Federal Funds

 

[§304A-2401]  Land-grant college aid. The State hereby accepts and assents to the terms and provisions of paragraph14(e) of the Act of Congress, approved July 12, 1960, entitled: "to amendcertain laws of the United States in light of the admission of the State ofHawaii into the Union, and for other purposes" (Public Law 86-624), andhereby consents to receive the benefits thereof in the manner and form and forthe purpose in the Act intended and provided.

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