(1) The state shall not bear any cost incurred in the transition of Saginaw valley state college to Saginaw valley state university. Costs incurred by the name change shall be borne by the institution from nonstate sources.

    (2) A student shall not bear any cost incurred in the transition of Saginaw Valley state college to Saginaw Valley state university by an increase in either tuition or other student fees. All costs associated with the transition of Saginaw Valley state college to Saginaw Valley state university and the source from which funds required to effectuate the transition were received shall be reported to the house and senate appropriations committees no later than December 31, 1989.