Sec. 3. Whenever the board of trustees of Indiana State University finds that:
(1) a necessity exists for the building of a dormitory for the housing of students; and
(2) sufficient funds for the erection and construction of the dormitory for the housing of students will not be available out of the revenues and funds of Indiana State University in the year in which the necessity exists;
the board of trustees may issue and sell the bonds of the board of trustees.