What a great idea!!!
At a local park not too far away, they have something similar. Odds and ends "leftover" bikes that are painted blinding orange, left at a rack for anyone to ride on the trails. Granted, the chains are creaky, and they're not the smoothest ride, but it's great for those that want to ride them around. As far as I know- they've been left alone.

Crossing fingers that the program takes off at the college and people respect the use of the bikes!