Por la presente se autoriza a la Junta de Síndicos de la Universidad de Puerto Rico a destinar del fondo permanente de dicha Universidad hasta la suma de seiscientos mil dólares ($600,000) para la urbanización de los terrenos de la misma, y para la construcción en dichos terrenos de casas para ser arrendadas a los miembros de la facultad y demás personal universitario de la institución, en la forma y bajo las condiciones que dicha Junta determine, y doscientos mil dólares ($200,000) para la construcción de dormitorios para estudiantes varones en los propios terrenos de la Universidad.
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