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]