Said board is hereby authorized to create a separate fund for each of said four [three] institutions, to be known as the "dormitory fund." Said board is hereby authorized to pay into each of said respective dormitory funds, all room, dormitory or housing rentals received by said respective institutions, not including the proceeds of any anticipated appropriations made by the state nor the interest from the permanent endowment, and to pledge on behalf of each of said respective institutions, its said dormitory fund for the payment of all rental or other charges agreed to be paid on account of such dormitory or dormitories as well as for the payment of the purchase-price of land or lands and buildings, or the payment of the agreed cost of construction of such buildings or building, and the purchase-price of fixtures, furniture, furnishings and equipment for such buildings together with the cost of installation thereof; so as to be used for dormitory or housing purposes by said respective institutions, and such dormitory funds, or so much thereof as may be necessary are hereby appropriated for the purposes herein set forth.
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