(1) The Utah Board of Higher Education, formerly the Board of Regents, on behalf of Southern Utah University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Southern Utah University to borrow money on the credit of the income and revenues of Southern Utah University, other than appropriations of the Legislature, to finance the cost of constructing, furnishing, and equipping a student housing project and a student center addition.

(2) The bonds or other evidences of indebtedness authorized by this section may not exceed $6,000,000 for the student housing project and $5,500,000 for the student center addition and shall be issued in accordance with Title 53B, Chapter 21, Revenue Bonds, under terms and conditions and in amounts that the board, by resolution, determines are reasonable and necessary.