There is hereby created the University Facility Improvement 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 of the university 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 may make expenditures from the University Facility Improvement Fund for the following project: Renovation of Morrill Hall, three million nine hundred thirty-five thousand six hundred forty-five dollars, excluding funds from private donations, sums previously expended for planning, and administrative and financing costs associated with any contract which the Board of Regents may enter into pursuant to this section and section 85-1,117 to implement the project listed in this section.

The Board of Regents may make expenditures for the purposes stated in this section from investment income balances in the University Facility Improvement Fund. The Board of Regents may make expenditures from such fund in amounts which, in combination with interest accrued on any construction funds and reserve funds created as part of a long-term contract entered into by the Board of Regents pursuant to section 85-1,117, are sufficient to satisfy the financial obligations incurred in such contracts entered into by the Board of Regents. Any balance existing in the University Facility Improvement Fund, any reserve funds, or any other funds created as part of a long-term contract entered into by the Board of Regents pursuant to section 85-1,117 shall be transferred to the General Fund either on June 15, 1998, or when all financial obligations incurred in the contracts entered into by the Board of Regents pursuant to section 85-1,117 are discharged, whichever occurs first.