There is hereby created a University Facilities Fund. All money accruing to the fund is hereby appropriated to the Board of Regents of the University of Nebraska and shall be used exclusively for those construction projects authorized pursuant to this section. No expenditure may be made from such fund without prior approval by a resolution of the Board of Regents.

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The Board of Regents is authorized to make expenditures from the University Facilities Fund for the following projects and associated expenses: (1) Renovation of the University of Nebraska at Omaha Arts and Sciences Hall, two million eight hundred forty-six thousand two dollars; (2) an addition to the University of Nebraska at Kearney Copeland Hall, two million two hundred fifty-seven thousand one hundred seventy-four dollars; and (3) University of Nebraska-Lincoln Institute of Agriculture and Natural Resources projects, including (a) construction of a Headquarters Building at the Agricultural Research and Development Center, Mead, Nebraska, two million six hundred fifteen thousand three hundred seventy-eight dollars, (b) renovation of the Elliot Building at the Panhandle Research and Extension Center, Scottsbluff, Nebraska, four hundred thirty-one thousand eight hundred seven dollars, (c) construction of a Swine Research Growing and Finishing Facility at the West Central Research and Extension Center, North Platte, Nebraska, three hundred eighteen thousand nine hundred forty-nine dollars, (d) construction of a Research and Extension Support Building at the West Central Research and Extension Center, North Platte, Nebraska, two hundred eighty-four thousand six hundred dollars, (e) construction of a Staff/Laboratory/Conference Center at the Gudmundsen Sandhill Laboratory, Whitman, Nebraska, two hundred seventy-six thousand seven hundred forty-nine dollars, and (f) construction of a Swine Research Growing and Finishing Facility at the Northeast Research and Extension Center, Concord, Nebraska, ninety-five thousand one hundred ninety-four dollars. The cost limitations set forth in this section shall be exclusive of sums previously expended from other sources for planning and administrative costs, financing costs, and other costs associated with any contract which the Board of Regents may enter into pursuant to this section and section 85-1,114 to implement the projects listed in this section. The cost limitation set forth in subdivision (3)(a) of this section may be exceeded with private funds not to exceed two hundred twenty-five thousand dollars. The cost limitation set forth in subdivision (3)(f) of this section may be exceeded with private funds not to exceed sixty-six thousand dollars. The Board of Regents shall record and report, on the Nebraska State Accounting System, expenditure of amounts from the University Facilities Fund and expenditure of proceeds arising from any contract entered into pursuant to this section and section 85-1,114 in such manner and format as prescribed by the Department of Administrative Services.

The Board of Regents is authorized to make expenditures for the purposes stated in this section from investment income balances in the University Facilities Fund. Any balance existing in the University Facilities Fund or in any reserve funds created as part of a long-term contract entered into by the Board of Regents pursuant to section 85-1,114 shall be transferred to the General Fund either on July 15, 1997, or when all financial obligations incurred in the contracts entered into by the Board of Regents pursuant to section 85-1,114 are discharged, whichever occurs first. Any balance existing in any reserve funds created as part of a long-term contract entered into by the Board of Regents pursuant to section 85-1,114 in excess of such level as may be required by such contract shall be annually transferred to the General Fund on July 15.