(1) The Council on Postsecondary Education shall make a biennial budget request to the General Assembly and to the Governor with regard to:
(a) Specific funding amounts to be appropriated to each individual trust fund in the Strategic Investment and Incentive Funding Program;
(b) Specific funding amounts of all capital projects to be appropriated and funded from each individual trust fund in the Strategic Investment and Incentive Funding Program; and (c) Funding to be appropriated to the base budgets of the institutions, systems, agencies, and programs.
(2) Funds appropriated for the Strategic Investment and Incentive Funding Program shall be for the purpose of encouraging the activities of institutions, systems, agencies, and programs of postsecondary education in accordance with the strategic agenda adopted by the Council on Postsecondary Education.