C.R.S. § 23-15-115

(1) Notwithstanding any other provisions of this article, the authority may not undertake any facility authorized by this article unless, prior to the expenditure of proceeds, the board finds that: (a) Such facility will enable or assist an educational institution or a cultural institution to fulfill its obligation to provide facilities; and (b) In the case of an educational institution, such facility has been reviewed and approved by the commission if such approval is required pursuant to section 23-1-106 .