1. (a) There is established the University of Hawaii-West Oahu special fund. The proceeds of the special fund shall be used for the following purposes:

   1. (1) Planning, land acquisition, design, construction, and equipment necessary for the development of the permanent campus of the University of Hawaii-West Oahu in Kapolei; and
   2. (2) Planning, land acquisition, design, improvement, and construction of infrastructure and other public or common facilities necessary for the development of the permanent campus of the University of Hawaii-West Oahu in Kapolei.

2. (b) The following shall be deposited into the special fund:

   1. (1) Appropriations by the legislature to the special fund;

   2. (2) All net proceeds from the sale of public lands, all net rents from leases, licenses, and permits, or all net proceeds derived from development rights for public lands:

      1. (A) Proposed for large lot subdivision as a five hundred acre parcel and designated as Lot 10077 in Land Court Application 1069; and
      2. (B) Obtained from the Campbell Estate in the land exchange described in section 2 of Act 294, Session Laws of Hawaii 1996, located mauka of the H-1 Freeway and consisting of nine hundred forty-one acres, more or less; and
   3. (3) Interest earned or accrued on moneys in the special fund.
3. (c) The fund shall be managed by the university, which shall also make expenditures from the fund.
4. (d) Notwithstanding any other law to the contrary, no moneys from the special fund may be expended for any purposes other than the purposes set forth herein unless otherwise approved by the legislature.

[L 2006, c 75, pt of §2]