§ 372. Purposes of fund. The purposes of the fund shall be to provide
academic buildings, dormitories and other facilities including academic
incubator facilities and a pharmaceutical research, development which
may also include a manufacturing facility for the state-operated
institutions and contract and statutory colleges under the jurisdiction
of the state university, to reduce the time lag between determination of
need for such facilities and actual occupancy thereof, to expedite the
construction, acquisition, reconstruction, rehabilitation or improvement
of such facilities and to assure that the same are ready for the
purposes intended when needed and when scheduled under the approved
master plan of the state university; with respect to university-related
economic development projects authorized by law pursuant to section
three hundred seventy-two-a of this article, to act as agent for the
state university or for a foundation or other not-for-profit entity
created by or for the state university. In addition to any other
approval or permit otherwise required by law, the fund shall not
construct any new project or facility on a campus of the state
university unless the said project or facility has been approved by the
state university trustees and has been specifically and expressly
authorized by such section.