No moneys derived from the sale of bonds of any institution or otherwise borrowed or received by such institution under Sections 37-101-91 through 37-101-103, or from the fees, rentals, and charges received and collected for the use of any project constructed, repaired, remodeled, maintained, added to, extended, improved, or acquired under authority of said sections, shall be required to be paid into the state treasury, but shall, except as herein otherwise provided, be deposited by the treasurer or other fiscal officer of the institution in a separate bank account or accounts in such bank or banks or trust company or trust companies as may be designated by the board of trustees of state institutions of higher learning. All deposits of such moneys shall, if required by the board, be secured by obligations of the United States of America or of the State of Mississippi, of a market value equal at all times to the amount of the deposit, and all banks and all trust companies are hereby authorized to give such security. Such money may be disbursed as may be directed by the board and in accordance with the terms of any agreements with the holder or holders of any bonds. This section shall be construed as limiting the power of said board to agree in connection with issuance of any such bonds as to the custody and disposition of the moneys received from the sale of such bonds or the income and revenues pledged and assigned to or in trust for the benefit of the holder or holders thereof.

It is specifically provided, however, notwithstanding any other provision of this section, that when any project financed by the proceeds of revenue bonds issued hereunder shall be supervised by the state building commission and the said state building commission shall execute and enter into construction contracts with respect thereto, the board of trustees of state institutions of higher learning shall have the power and authority to pay into the state treasury in a special account for said project an amount from the proceeds of the sale of the bonds which shall be sufficient to pay all such construction contracts and all fees and expenses incidental thereto, including any amount, plus interest thereon, which may have been borrowed for interim financing of said project. The amount so paid into such special account shall be expended by the state building commission in the manner provided by law in payment of the amounts due under such construction contracts, and fees and expenses incidental thereto, and in repayment of money, if any, borrowed for interim financing, plus interest thereon. If, at the conclusion of the project, any sum should remain in said special account it shall be repaid to the institution entitled thereto to be handled in accordance with the terms of the agreement with the holder or holders of the bonds.

Notwithstanding any other provisions of this section, such reports as may be required by the state auditor of public accounts shall be made to him by the institutions of higher learning in the manner and at the times he may prescribe, so that his records may reflect full and complete information relative thereto.