Sec. 6. (a) Subject to subsection (b), in addition to projects authorized by the general assembly, the board of trustees of a state educational institution may engage in a repair and rehabilitation project for which:
(1) the cost of the project exceeds two million dollars ($2,000,000); and
(2) any part of the cost of the project is paid by state appropriated funds or by mandatory student fees assessed all students for the project;
only if the project is reviewed by the commission for higher education and approved by the governor, on recommendation of the budget agency. The review by the commission for higher education must be completed not later than ninety (90) days after the project is submitted for review.
(b) If no part of the cost of a repair and rehabilitation project is paid by state appropriated funds or by mandatory student fees assessed all students for the project, the review and approval requirements of this section apply only if the project exceeds two million dollars ($2,000,000).