(a) If the department of human services does not, at any time, exercise its preference under § 71-4-503, the board of trustees of the University of Tennessee may award a contract to any qualified third-party provider to provide vending operations located in a residence hall or similar housing facility that relies upon profits from the vending operations for the facility's support and maintenance.
(b) If, at any time, a vending facility is established under § 71-4-503, in a self-supporting residence hall or similar housing facility, and when profits generated by the machines would otherwise be dedicated in substantial part to the financial support and maintenance of the residence hall, it is the responsibility and obligation of the particular college or university to contribute to the support and maintenance of the residence hall, using revenue derived from vending machines on other parts of the campus, not already under the management of a licensed blind vendor, to offset in total the lost revenue.