Section 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.