(1) The General Assembly recognizes the continuing need for education and research in Kentucky, and that the need is larger than the capacity of the facilities of the state universities to supply. The General Assembly finds that the University of Louisville helps to supply, for the entire state, the need, and declares that support of the University of Louisville is a public purpose for which public money may be validly expended. (2) The University of Louisville shall keep its books and records available to the State Auditor. An audit of expenditure of public money by the university is subject to the laws generally governing audits of expenditures of public money.
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