(1) The Utah Board of Higher Education, formerly the Board of Regents, on behalf of Salt Lake Community College, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Salt Lake Community College to borrow money on the credit of the income and revenues of Salt Lake Community College, other than appropriations of the Legislature, to finance the partial cost of constructing, furnishing, and equipping a classroom/physical education facility.

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