When any such bonds or other direct obligations of the United States of America shall have been purchased with such excess funds as is provided for in Section 37-101-121, such bonds or other obligations may be sold or surrendered for redemption at any time by order or resolution adopted by the board of trustees of state institutions of higher learning, and approved by the state building commission. Any member or members thereof or any officers or employees thereof, or any other person or persons, when authorized by such order or resolution, shall have the power and authority to sell said bonds or other obligations or to surrender same for redemption and to execute all instruments and take such other action as may be necessary to effectuate the sale or redemption thereof. When such bonds or other obligations shall be sold or redeemed, the proceeds thereof, including the accrued interest thereon, shall be paid into the proper fund and shall in all respects be dealt with and expended for the purpose for which said funds were originally derived or made available.
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