N.Y. Educ. Law § 372

§ 372. Purposes of fund. The purposes of the fund shall be to provide\nacademic buildings, dormitories and other facilities including academic\nincubator facilities and a pharmaceutical research, development which\nmay also include a manufacturing facility for the state-operated\ninstitutions and contract and statutory colleges under the jurisdiction\nof the state university, to reduce the time lag between determination of\nneed for such facilities and actual occupancy thereof, to expedite the\nconstruction, acquisition, reconstruction, rehabilitation or improvement\nof such facilities and to assure that the same are ready for the\npurposes intended when needed and when scheduled under the approved\nmaster plan of the state university; with respect to university-related\neconomic development projects authorized by law pursuant to section\nthree hundred seventy-two-a of this article, to act as agent for the\nstate university or for a foundation or other not-for-profit entity\ncreated by or for the state university. In addition to any other\napproval or permit otherwise required by law, the fund shall not\nconstruct any new project or facility on a campus of the state\nuniversity unless the said project or facility has been approved by the\nstate university trustees and has been specifically and expressly\nauthorized by such section.\n