N.Y. Education Law § 372: Purposes of fund

§ 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.