660

The said Higher Education Council shall determine the manner in which the income obtained from the proceeds of the lease of said houses and dormitories shall be used; Provided, That provision shall first be made for the amortization of the principal, the reserves for administrative and maintenance expenses, and the incidental expenses of the project; Provided, further, That the remaining net income may be used by the Higher Education Council for meeting the current expenses of the University, and that the surpluses still available after these expenses are met shall be covered into the Permanent University Fund. History —Mar. 27, 1946, No. 217, p. 428, § 2.