(1) Student fees imposed by a governing board for a student association or student government at a state-supported institution of higher education and collected from students enrolled in such institution shall be deposited in a separate fund of the institution to be used for the purposes for which the fees were charged. All interest derived from the deposit and investment of moneys in the fund shall be credited to the fund. (2) Nothing in this section shall limit the authority of the governing board of any state- supported institution of higher education to pledge moneys in the fund described in subsection (1) of this section for any of the purposes permitted under section 23-5-103 if the student action authorizing such fees contemplated such pledge.
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