In addition to the powers conferred under existing law, each of the boards is authorized and shall have the power:
(1) To contract for the construction, completion, reconstruction, remodeling, rehabilitation and improvement of such buildings or other facilities of the university or college as are authorized by the legislature to be financed by the issuance and sale of bonds.
(2) To finance the same by the issuance of bonds secured by the pledge of any or all of the building fees.
(3) Without limitation of the foregoing, to accept grants from the United States government, or any federal or state agency or instrumentality, or private corporation, association, or person to aid in defraying the costs of any such projects.