C.  University Equipment

     [§304A-2651]  University of Hawaii equipment.  The board of regents may define or establish the value, useful life, and any other characteristic of the university's nonexpendable, tangible personal property, for all purposes for which these characteristics must be defined or established, including inventory and surplus property control and the preparation of financial statements, but excluding the determination of cost elements related to the issuance of general obligation bonds. [L 2006, c 75, pt of §2]