[304A-2681] Imposition of rates, rents, fees, and charges; pledge, allocation of appropriation. (a) The board shall impose and collect rates, rents, fees, and charges for the use or enjoyment and services of the facilities of each university project, and shall revise rates, rents, fees, and charges whenever necessary, or allocate all or any portion of appropriation for each university project, so that, in aggregate, the revenue of the university with respect to all university projects, university systems, or networks shall produce revenue of the university at least sufficient:

(1) To pay the cost of maintenance of all university projects, university systems, or networks or any combination thereof, including reserves therefor;

(2) To pay when due all revenue bonds and interest thereon, for the payment of which all or any part of the revenue of the university is or has been pledged, charged, or otherwise encumbered, including reserves therefor;

(3) To reimburse the general fund of the State for principal and interest on general obligation bonds issued for university projects, university systems, or networks or any combination thereof, or to refund general obligation bonds, to the extent required by law; and

(4) To carry out all covenants and provisions of the resolution authorizing the issuance of revenue bonds.

(b) Nothing in this subpart shall preclude the making of appropriations to the university or board, including any appropriation, or the acceptance of gifts by the board or the use of funds derived from the sale of stocks, bonds, or other assets in the possession of the board to pay all or part of the cost of construction or maintenance of any or all university projects, university systems, or networks. [L 2007, c 161, pt of 1]

 

 

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