§304A-2251 - University of Hawaii commercial enterprises revolving fund. - Hawaii Statutes

D.  Revolving Funds

 

     §304A-2251  University of Hawaii commercial enterprises revolving fund.  [Repeal and reenactment on June 30, 2011.  L 2009, c 11, §13.]  There is established the University of Hawaii commercial enterprises revolving fund into which shall be deposited all revenues derived from the operation of commercial enterprises by university programs.  Revenues deposited into this fund may be expended by the university for all costs and expenses associated with the operation of the enterprises, including hiring 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 funds at its disposal, with the exception of general funds and University of Hawaii tuition and fees special fund moneys, into the revolving fund to finance the establishment of new commercial enterprises; except that no more than ten per cent of the tuition and fees special fund moneys may be loaned to the revolving fund to finance the establishment of new commercial enterprises.  Revenues not expended as provided in this section may be transferred to other university funds to be expended for the general benefit of the university. [L 2006, c 75, pt of §2; am L 2008, c 106, §§1, 3]