For the purpose of paying for the maintenance, operation, and rental, including the payment of cost of construction and equipment and interest thereon, of a student union building erected, and rented by the board, under the provisions of this act, the board is authorized and empowered to fix, charge, and collect, from each student in the institution at which such student union buildings shall be so erected, a fee of not to exceed five dollars for each regular term or semester and a fee of not to exceed two dollars for each summer session. The amount of such fees shall continue to be charged and collected from each of such students until sufficient in the aggregate has been realized therefrom to pay the total cost of construction and equipment of such building and interest thereon together with the expense of maintenance and operation thereof.

When the full amount of the costs of construction and equipment of such building, with interest thereon, has been paid, said board shall reduce the amount of such fee, but no change shall be made therein until such full amount has been paid. The board may pledge the receipts from such fees and the net income derived from the operation of any student union building to the nonprofit corporation which constructed such building for the payment of the cost of construction and equipment and the interest thereon.