(1) The Utah Board of Higher Education, formerly the Board of Regents, on behalf of the University of Utah, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of the University of Utah to borrow money on the credit of the income and revenues of the University of Utah, other than appropriations of the Legislature, to finance the partial cost of constructing, furnishing, and equipping a renovation and expansion of the Robert L. Rice Stadium.

(2) The bonds or other evidences of indebtedness authorized by this section may not exceed $12,000,000 and shall be issued in accordance with Title 53B, Chapter 21, Revenue Bonds, under terms and conditions and in amounts that the board, by resolution, determines are reasonable and necessary.