The board of trustees of state institutions of higher learning is hereby authorized and empowered, in its discretion, and with the consent and approval of the state building commission, to invest any funds derived or made available for the purpose of constructing, erecting, repairing, remodeling or equipping dormitories and other housing facilities under projects approved and sanctioned by the Home and Housing Finance Agency of the United States of America, whether said funds be derived from the proceeds of bonds issued under the provisions of Sections 37-101-91 through 37-101-103, or from money borrowed for the interim financing of any such project, or from any other sources, in short-term bonds or other direct obligations of the United States of America. However, no such funds shall be so invested except the amount of such funds which is in excess of the sums which will be required for expenditure in financing the construction of said projects during the succeeding ninety days. In all cases, the bonds or other obligations in which such funds are invested shall mature or be redeemable prior to the time the funds so invested will be needed for expenditure in financing the construction of said projects.

The board of trustees of state institutions of higher learning, with the consent and approval of the state building commission, may, by order or resolution spread upon its minutes, authorize and empower any member or members of said board of trustees, or any officers or employees thereof, or any other person or persons, to make investments of such funds from time to time as they shall be available for investment under the provisions of this section. Any such member or members or officers or employees, or other person or persons, when so authorized by such order or resolution, shall have the power and authority to make such investments of such funds, to make purchases of such bonds or other obligations, to execute all necessary instruments in connection therewith, and to take such other action as may be necessary to effectuate the investment of such funds.