(a) The board of regents of The University of Texas System may levy a student union fee not to exceed $150 per student for each regular semester and not to exceed $75 per student for each term of the summer session, for the sole purpose of financing, constructing, operating, maintaining, and improving the Student Union Building for The University of Texas at Arlington. The fee may not be increased above an amount previously levied unless the increase is approved by a majority vote of those students participating in a general election held at the university for that purpose. The ballot proposition for such an election must clearly state the amount of the proposed fee increase and describe the reason for the proposed fee increase. The fees herein authorized to be levied are in addition to any use or service fee now or hereafter authorized to be levied.
(b) Such fees shall be deposited to an account known as “The University of Texas at Arlington Student Union Fee Account” and shall be placed under the control of and subject to the order of the Student Union Advisory Committee. The committee shall annually submit to the president of The University of Texas at Arlington a complete and itemized budget to be accompanied by a full and complete report of all activities conducted during the past year and all expenditures made incident thereto. The president shall submit the budget to the board of regents as part of the institutional budget. The board of regents shall make such changes in the budget as it deems necessary before approving the budget, and shall then levy the fees, within the limits herein fixed, in such amounts as will be sufficient to meet the budgetary needs of the student union building.