Section 64E. The trustees may appoint all persons necessary for the proper administration of the affairs of the hospital, and may incur all expenses necessary for the maintenance thereof.
The trustees shall deposit all monies received in payment or reimbursement for patient services into a general trust fund for the hospital. All monies so deposited may be expended without further appropriation. Any monies in such fund at the end of a fiscal year shall remain in such fund and shall not revert to the General Fund.
The monies from the general trust fund shall be expended in accordance with the following purposes:
(a) to pay for the operating expenses of Cushing Hospital, including administrative and health care delivery services;
(b) for the capital improvement and development of the medical school, including, but not limited to, the repair and maintenance of the present buildings, construction of a new facility, and the acquisition of medical and academic equipment and materials;
(c) to provide compensation, including additional fringe benefits, for employees of the hospital as the board of trustees may authorize and direct; and
(d) for medical research into innovative procedures for the long term care of elderly persons.