There is established the University of Hawaii workers’ compensation and unemployment insurance compensation trust fund into which shall be deposited all revenues derived from assessments for workers’ compensation costs and unemployment insurance compensation costs against the payroll of university employees. Revenues deposited into this account may be expended by the university for all costs and expenses associated with the administration of the university’s workers’ compensation and unemployment insurance compensation programs, including benefits payments, claims administration, settlements, insurance premiums, and legal fees.