Section 1680-J. New York state higher education capital matching grant board; creation; procedure

1. Creation. (a) The New York  state  higher  education  capital  matching  grant  board is hereby created to have and
  exercise the powers, duties and prerogatives provided by the  provisions
  of  this  section and any other provision of law. The board shall remain
  in existence during the period of the New York  state  higher  education
  capital  matching  grant program from the effective date of this section
  through March thirty-first, two thousand nine, or the date on which  the
  last  of  the  funds  available for grants under this section shall have
  been disbursed,  whichever  is  earlier;  provided,  however,  that  the
  termination of the existence of the board shall not effect the power and
  authority  of  the  dormitory  authority to perform its obligations with
  respect to any bonds, notes, or other indebtedness  issued  or  incurred
  pursuant to authority granted in this section.
    (b)  The  membership  of  the  board  shall  consist  of three persons
  appointed by the governor, of which one shall be upon the recommendation
  of the temporary president of the senate and one upon the recommendation
  of the speaker of the assembly. The term of the members first  appointed
  shall   continue  until  March  thirty-first,  two  thousand  five,  and
  thereafter their successors shall serve for a term of one year ending on
  March thirty-first in each year. Upon recommendation of  the  nominating
  party,  the  governor  shall  replace  any member in accordance with the
  provision contained in this subdivision for the appointment of  members.
  The  members  of  the board shall vote among themselves to determine who
  shall serve as chair. The board shall  act  by  unanimous  vote  of  the
  members  of the board. Any determination of the board shall be evidenced
  by a certification thereof executed by all the members. Each  member  of
  the  board  shall  be  entitled  to designate a representative to attend
  meetings of the board on the designating member's behalf, and to vote or
  otherwise act on the designating  member's  behalf  in  the  designating
  member's  absence.  Notice  of  such  designation  shall be furnished in
  writing to the board by the designating member. A  representative  shall
  serve at the pleasure of the designating member during the member's term
  of  office.  A representative shall not be authorized to delegate any of
  his or her duties or functions to any other person.
    (c) Every officer, employee, or member of a governing board  or  other
  board  of any college or group or association of colleges, and every New
  York state regent, every officer or employee of the board of regents  or
  the  department  of  education and every trustee, officer or employee of
  the state university of New York or the  city  university  of  New  York
  shall  be  ineligible  for  appointment  as  a  member,  representative,
  officer, employee or agent of the board.
    (d) The members of the board shall serve without salary  or  per  diem
  allowance  but  shall  be  entitled  to  reimbursement  for  actual  and
  necessary expenses  incurred  in  the  performance  of  official  duties
  pursuant  to  this  section  or other provision of law, provided however
  that such members and representatives are not, at the time such expenses
  are incurred, public officers or employees otherwise  entitled  to  such
  reimbursement.
    (e)  The  members,  their  representatives,  officers and staff to the
  board shall be deemed employees within the meaning of section  seventeen
  of the public officers law.
    2.  Definitions. For the purposes of this section, the following terms
  shall have the respective meanings:
    (a) "Base grant amount" shall mean a  grant  equal  to  $17.5  million
  distributed  equally  among  independent colleges, provided however that
  for  an  eligible  independent  college  with  a  final  fall  full-time
  equivalent  enrollment  for  the  two  thousand three--two thousand four

  academic year as published by the state  education  department  of  less
  than  one  hundred  final  full-time  equivalent students the base grant
  amount shall be one hundred thousand dollars.
    (b)  "Board"  shall  mean  the New York state higher education capital
  matching grant board created by paragraph (a) of subdivision one of this
  section.
    (c) "College" shall mean a public or independent college.
    (d)  "Endowment"  shall  mean  the  total  unrestricted  assets  whose
  principal is nonexpendable and is held to the benefit of the college and
  invested  to provide earnings for institutional use as reported within a
  college's independently audited financial statements as submitted to the
  dormitory authority. Such total shall  exclude  assets  whose  principal
  supports  employee  annuity or pension costs, or assets whose purpose is
  restricted to the support of the current operations of the college.
    (e) "Full-time equivalent students" shall mean a college's final  fall
  full-time  equivalent enrollment for the two thousand three-two thousand
  four academic year as published by the state education department.
    (f) "Independent college" shall mean each  independent  not-for-profit
  institution  of  higher  education,  as  defined  in  subdivision two of
  section sixty-four hundred one of the education law.
    (g) "Non-state funds" shall mean any funds received  no  earlier  than
  one  hundred  eighty  days  before  the  effective date of this section,
  except state funds, accessible by the college for the project including,
  but not limited to, federal  funds,  local  funds,  private  funds,  and
  in-kind contributions provided, however that public colleges may not use
  funds  resulting  from  the  imposition  of  student  tuition or fees as
  non-state funds.
    (h) "Project" shall  mean  the  design,  acquisition,  reconstruction,
  rehabilitation,  or  equipping of a facility on or near a college campus
  within the state of New York, including  critical  academic  facilities,
  economic  development and/or high technology projects, and urban renewal
  and/or  historical  preservation  projects  that   would   enhance   the
  programmatic  offerings  or  the  student life at the college or provide
  economic development benefits  to  the  area  surrounding  such  college
  campus.
    (i)   "Public   college"  shall  mean  each  component  of  the  state
  university, as defined in subdivision three  of  section  three  hundred
  fifty-two  of  the  education  law  and  in  subdivision  two of section
  sixty-three hundred one of the education law and each senior college and
  community college of the city university of  New  York,  as  defined  in
  subdivisions  four  and  five  of  section  sixty-two hundred two of the
  education law.
    (j) "Total academic square footage amount" shall mean an amount  equal
  to  the product of (i) 26.25 million dollars for the state university of
  New York or 17.5 million dollars for the city university  of  New  York,
  multiplied by (ii) the eligible college's proportion of the total square
  footage  of  academic facilities operated by all components of the state
  university of New York, as defined in subdivision three of section three
  hundred fifty-two and in subdivision two of section sixty-three  hundred
  one  of  the education law or all senior colleges and community colleges
  of the city university of New York, as defined in subdivisions four  and
  five   of   section   sixty-two   hundred  two  of  the  education  law,
  respectively.
    (k) "Total full-time equivalent amount" shall mean an amount equal  to
  the  product  of  (i)  78.75 million dollars for independent colleges or
  52.5 million dollars for colleges of the state university of New York or
  thirty-five million dollars for colleges of the city university  of  New
  York,  multiplied by (ii) the eligible college's proportion of the total

  full-time equivalent students for all eligible independent colleges, all
  components  of  the  state  university  of  New  York,  as  defined   in
  subdivision  three of section three hundred fifty-two and in subdivision
  two  of  section  sixty-three  hundred  one of the education law, or all
  senior colleges and community colleges of the  city  university  of  New
  York,  as  defined  in  subdivisions  four and five of section sixty-two
  hundred two of the education law, respectively, and calculated  from  an
  eligible  college's  final  fall full-time equivalent enrollment for the
  two thousand three--two thousand four academic year as published by  the
  state education department.
    (l)  "Total  TAP expenditure amount" shall mean an amount equal to the
  product of  (i)  the  product  of  forty-five  percent  of  one  hundred
  seventy-five  million dollars for independent colleges or the product of
  twenty-five percent of one hundred five million dollars for colleges  of
  the  state  university of New York or the product of twenty-five percent
  of seventy million dollars for colleges of the city  university  of  New
  York,  multiplied  by (ii) an eligible college's proportion of the total
  funding received under section six hundred sixty-seven of the  education
  law  by  all  eligible independent colleges, all components of the state
  university of New York, as defined in subdivision three of section three
  hundred fifty-two and in subdivision two of section sixty-three  hundred
  one  of the education law, or all senior colleges and community colleges
  of the city university of New York, as defined in subdivisions four  and
  five   of   section   sixty-two   hundred  two  of  the  education  law,
  respectively, as estimated by the higher education services  corporation
  for the two thousand three-two thousand four academic year.
    3. Powers, functions and duties of the New York state higher education
  capital  grant  board;  limitations.  (a)  The  New  York  state  higher
  education capital grant board shall have the power and it shall  be  its
  duty  to  approve or deny applications received from colleges for higher
  education capital matching grants. In  making  such  determination,  the
  board  shall  verify  that  the  criteria  set forth in paragraph (e) of
  subdivision four of this section have been met. If necessary, the  board
  may  request  additional  information  from the college when making such
  determination.
    (b)  Within  amounts  appropriated  therefor,  the  board  is   hereby
  authorized  and directed to award matching capital grants totaling three
  hundred fifty  million  dollars.  The  public  college  sector  and  the
  independent  college  sector  shall  each  be eligible to receive grants
  totaling not more than one hundred seventy-five  million  dollars.  Each
  public  college  and  independent  college shall be eligible for a grant
  award amount as determined by the calculations pursuant  to  subdivision
  five  of this section. In addition, such public colleges and independent
  colleges shall be eligible to compete for additional funds  pursuant  to
  paragraph (h) of subdivision four of this section.
    (c)  The  board  shall  approve  or disapprove the methodology and the
  resulting matching ratios developed by the dormitory authority  pursuant
  to paragraph (c) of subdivision four of this section.
    (d)  The  board  shall approve or deny applications for waivers of the
  standard matching requirement under paragraph (d) of subdivision four of
  this section.
    4. New York state higher  education  capital  matching  grant  program
  administration and financing.
    (a)  The  dormitory  authority  is  hereby  authorized and directed to
  administer the New York state higher education  capital  matching  grant
  program.
    (b) The dormitory authority shall serve as staff to the New York state
  higher  education  capital  matching  grant  board,  including, with the

  cooperation of any other state agency, the  preparation  of  information
  which would assist the board in carrying out its duties.
    (c)  The  dormitory authority of the state of New York shall develop a
  methodology to determine the required non-state funds  contribution  for
  colleges.  Such  methodology  shall  consider  endowment  per  full-time
  equivalent student and tuition and fees. Such methodology shall  require
  a greater contribution from those colleges with greater fiscal resources
  as  measured  by  endowment per full-time equivalent student and tuition
  and fees. For public colleges the numerator in  the  matching  ratio  of
  non-state  funds  to grant award amount shall not be greater than two or
  less than 0.5 and the denominator shall  be  equal  to  one  for  public
  community  colleges,  the  numerator  in the matching ratio of non-state
  funds to grant award amount shall not be greater than one or  less  than
  0.5  and  the  denominator  shall  be  equal to one; and for independent
  colleges the numerator in the matching ratio of non-state funds to grant
  award amount shall not be greater than three or less than  0.5  and  the
  denominator  shall  be  equal to one. Such methodology and the resulting
  matching ratios shall be submitted to  the  board  for  approval  within
  thirty  days  after the effective date of this section and shall be made
  available to potential applicants once approved.
    (d) The standard matching requirement for the purposes of  determining
  a  college's  required non-state funds contribution shall be as provided
  in this paragraph. For public colleges the  numerator  in  the  standard
  matching  requirement  of non-state funds to grant award amount shall be
  equal to two and the denominator  shall  be  equal  to  one  for  public
  community colleges the numerator in the standard matching requirement of
  non-state  funds  to  grant  award  amount shall be equal to one and the
  denominator shall be equal to one;  and  for  independent  colleges  the
  numerator  in  the  standard  matching requirement of non-state funds to
  grant award amount shall be equal to three and the denominator shall  be
  equal  to one. Colleges may apply for a waiver of such standard matching
  requirement. If such waiver is  approved  by  the  board,  the  required
  non-state  funds contribution shall be determined by the methodology set
  forth in paragraph (c) of subdivision four of this section.
    (e) The dormitory authority shall develop a standard  application  for
  such  grants.  Such  application shall require colleges to provide, at a
  minimum, the following:
    (i) The amount of grant  request,  such  request  not  to  exceed  the
  eligible grant award amount, as provided for in subdivision five of this
  section.   No more than three and one-half of one percent of any capital
  matching grant issued under this program may be allocated to any college
  or to any subsidiary or organization associated therewith  for  purposes
  which  may  include, but not be limited to, any direct or indirect costs
  of administering the program not contained in the application requesting
  such capital matching grant, provided however, that  no  monies  granted
  under the program shall be used to supplant any direct or indirect costs
  of the grant recipient;
    (ii)   A  statement  that  the  proposed  project  would  enhance  the
  programmatic offerings or the student life at  the  college  or  provide
  economic development benefits to the surrounding area;
    (iii)  Whether  the  project  is  eligible for funding under the state
  university or city university capital plan;
    (iv) Whether the project has the participation and  financial  support
  of a consortium of colleges and/or public or private partnerships;
    (v)  A  detailed description of the project, including projected costs
  including the sources and uses of funds, completion timeline, and  funds
  necessary at each stage of project completion;

    (vi)  A  description  of  the  type  or types of non-state funds to be
  utilized and the source of such funds;
    (vii)  Information  to  demonstrate  the  ability to access sufficient
  non-state funds to meet the matching ratio requirement, as provided  for
  in   paragraph   (c)  of  this  subdivision  or  the  standard  matching
  requirement as provided for in paragraph (d) of this subdivision;
    (viii) A statement that as of the  effective  date  of  this  section,
  construction had not begun and equipment had not been purchased for such
  project;
    (ix)  A  statement  whether  a  recurring  source  of revenue shall be
  available to support facility operations and maintenance for the project
  that the capital matching grant is funding; and
    (x) A statement  whether,  the  project  has  received  all  necessary
  regulatory  approvals  or  can demonstrate a reasonable expectation that
  such approvals will be secured.
    (f) Upon receipt  of  a  matching  grant  application,  the  dormitory
  authority  shall review such grant application for technical sufficiency
  and  compliance  with  the  application  criteria  as  provided  for  in
  paragraph (e) of this subdivision. If necessary, the dormitory authority
  may   request  additional  information  from  the  applicant.  When  the
  application is complete,  the  dormitory  authority  shall  submit  such
  application with an analysis to the capital grant board for its approval
  or denial.
    (g)  In  order  to  be eligible for such grants, colleges must provide
  notification to the dormitory authority of an  intent  to  apply  for  a
  grant  no  later  than  March  thirty-first, two thousand seven and must
  apply for such grant no later  than  March  thirty-first,  two  thousand
  eight.
    (h) If a college does not apply for a grant by March thirty-first, two
  thousand  eight,  funds  associated  with  such potential grant shall be
  awarded, on a competitive basis,  to  other  colleges.  Public  colleges
  shall  be  eligible to apply for unutilized public college grants within
  their respective systems and independent colleges shall be  eligible  to
  apply for unutilized independent college grants. The dormitory authority
  shall  develop  a  request  for  proposals  and  application process, in
  consultation with the board, for such grants and shall develop criteria,
  subject to review by the board, for the awarding of  such  grants.  Such
  criteria  shall incorporate the matching criteria contained in paragraph
  (c) of this subdivision, and  the  application  criteria  set  forth  in
  paragraph (e) of this subdivision. The dormitory authority shall require
  all  applications  in  response  to  the  request  for  proposals  to be
  submitted by September first, two thousand eight, and  the  board  shall
  act  on each application for such matching grants by November first, two
  thousand eight.
    (i) The dormitory authority shall develop a model  contract  provision
  to  be used in any contract which involves a project for which a college
  has received a matching grant. Such provision shall indemnify  and  hold
  the  state  of  New  York  harmless  from any and all claims for loss or
  liability alleged to  have  been  caused  or  resulting  from  any  work
  involving such project.
    (j)  (i)  The dormitory authority is hereby authorized and directed to
  assist in financing higher education projects by providing  to  eligible
  colleges  higher  education  capital  matching  grants  that  have  been
  approved by the New York state higher education capital  matching  grant
  board.
    (ii)(A) Notwithstanding the provision of any general or special law to
  the contrary, and subject to the provisions of chapter fifty-nine of the
  laws of two thousand and to the making of annual appropriations therefor

  by  the  legislature,  in  order  to  assist  the dormitory authority in
  providing such higher education capital matching grants, the director of
  the budget is authorized in  any  state  fiscal  year  commencing  April
  first,  two  thousand  four  or  any  state fiscal year thereafter for a
  period ending on March thirty-first, two thousand nine,  to  enter  into
  one  or  more service contracts, none of which shall exceed thirty years
  in duration, with the  dormitory  authority,  upon  such  terms  as  the
  director of the budget and the dormitory authority agree.
    (B)  Any  service contract entered into pursuant to clause (A) of this
  subparagraph or any payments made  or  to  be  made  thereunder  may  be
  assigned  and  pledged  by  the  dormitory authority as security for its
  bonds, notes, or other obligations.
    (C) Any such service contracts shall provide that  the  obligation  of
  the director of the budget or of the state to fund or to pay the amounts
  therein provided for shall not constitute a debt of the state within the
  meaning  of  any  constitutional or statutory provision in the event the
  dormitory authority assigns or pledges the service contract payments  as
  security  for its bonds, notes, or other obligations and shall be deemed
  executory only to the extent monies are available and that no  liability
  shall  be  incurred  by  the  state  beyond the monies available for the
  purpose, and that such obligation is subject to annual appropriations by
  the legislature.
    (D) Any service contract or contracts entered into  pursuant  to  this
  subdivision  shall  provide for state commitments to provide annually to
  the dormitory authority a sum or sums, upon such terms and conditions as
  shall be deemed appropriate by the director of the budget, to  fund  the
  principal,  interest,  or other related payments required for any bonds,
  notes, or other obligations of the dormitory authority  issued  pursuant
  to this section.
    (iii)(A)  To  obtain  funds  for  the  purposes  of  this section, the
  authority shall have power from time to time to issue  negotiable  bonds
  or notes.  Unless the context shall clearly indicate otherwise, whenever
  the  words  "bond" or "bonds" are used in this section, such words shall
  include a note or notes of the authority.
    (B) The dormitory authority shall not issue any bonds or notes  in  an
  amount in excess of three hundred fifty million dollars for the purposes
  of  this  section;  excluding  bonds or notes issued to fund one or more
  debt service reserve funds, to pay costs of issuance of such bonds,  and
  bonds  or  notes issued to refund or otherwise repay such bonds or notes
  previously issued. Except for purposes of complying  with  the  internal
  revenue  code,  any  interest on bond proceeds shall only be used to pay
  debt service on such bonds.
    (C) In computing for the purposes of clause (B) of this  subparagraph,
  the aggregate amount of indebtedness evidenced by bonds and notes of the
  dormitory  authority  issued  pursuant  to  this  title,  there shall be
  excluded the amount of such indebtedness represented by  such  bonds  or
  notes  issued to refund or otherwise repay bonds or notes; provided that
  the amount so excluded under this clause may exceed the principal amount
  of such bonds or notes that were issued to  refund  or  otherwise  repay
  only if the present value of the aggregate debt service on the refunding
  or repayment bonds or notes shall not have at the time of their issuance
  exceeded the present value of the aggregate debt service of the bonds or
  notes  they  were  issued to refund or repay, such present value in each
  case being calculated by  using  the  effective  interest  rate  of  the
  refunding  or repayment bonds or notes, which shall be that rate arrived
  at by doubling the semi-annual interest rate (compounded  semi-annually)
  necessary  to  discount  the  debt  service payments on the refunding or
  repayment bonds or notes from the payment date thereof to  the  date  of

  issue  of the refunding or repayment bonds or notes and to the price bid
  therefor, or to the proceeds received by the  dormitory  authority  from
  the sale thereof, in each case including estimated accrued interest.
    (D)  The  state  of  New  York  hereby  covenants with the purchasers,
  holders, and owners from time to time of  the  bonds  of  the  authority
  issued  pursuant  to  this  section  that  it  will  not, subject to the
  provisions of clause (C) of subparagraph (ii) of this paragraph, repeal,
  revoke, rescind, modify, or amend the provisions of this  section  which
  relate  to  the  making  of  annual  service  contract  payments  to the
  authority with respect to such bonds as to limit, impair, or impede  the
  rights and remedies granted to bondholders under this title or otherwise
  diminish the security pledged to such purchasers, holders, and owners or
  significantly impair the prospect of payment of any such bond.
    (iv)  In  addition  to  the authority with respect to financing higher
  education projects provided to the dormitory authority  in  subparagraph
  (iii) of this paragraph, the dormitory authority is hereby authorized to
  finance that portion of any higher education project approved to receive
  a  higher  education  capital  matching  grant  that is in excess of the
  amount of such grant and which shall be the non-state funds  portion  of
  the  cost  of  such project to the same extent and under the same powers
  and procedures as if  such  project  were  named  in  paragraph  (b)  of
  subdivision two of section sixteen hundred seventy-six of this title and
  in subdivision one of section sixteen hundred eighty of this title.
    5.  Limitation  on  awards. Colleges eligible for participation in the
  higher education  capital  matching  grants  program  pursuant  to  this
  section shall be eligible to receive a higher education capital matching
  grant pursuant to the following calculations:
    (a)  Each  independent  college  shall  be eligible to receive a grant
  equal to the sum of its total full-time equivalent amount, its total TAP
  expenditure amount and its base grant amount; and
    (b) Each public college shall be eligible to receive a grant equal  to
  the  sum  of  its  total  full-time  equivalent  amount,  its  total TAP
  expenditure amount and its total academic square footage amount.
    Provided,  however,  that  an  Independent  non-profit  comprehensive,
  non-traditional, non-instructional assessment institution whose external
  degree  programs  only  validated a candidate's education experience and
  granted over four thousand degrees in the two thousand one--two thousand
  two academic year shall be eligible to receive a base grant equal to the
  product of (i) $17.5 million dollars; and (ii)  its  proportion  of  the
  total  number  of  non-associate  degrees  conferred by all colleges and
  universities statewide  for  the  two  thousand  one--two  thousand  two
  academic year as reported by the state education department.
    The  dormitory authority shall calculate the amount of the grants that
  each independent college and each public college shall  be  eligible  to
  receive in accordance with the limitations set forth in this subdivision
  as  soon  as  practicable  but  no  more  than forty-five days after the
  effective  date  of  this  section  and  shall  make  such   information
  conveniently   available  to  the  colleges  including  by  the  use  of
  electronic dissemination methods.
    6. Contracts. (a) Each contract  entered  into  by  a  college,  which
  involves  a  project  for which the college has received a capital grant
  award, shall be subject to the approval of the comptroller  and,  as  to
  form  and  manner  of execution, by the attorney general of the state of
  New York.
    (b) Each  contract  entered  into  by  a  college  shall  include  the
  provision  as  provided for in paragraph (i) of subdivision four of this
  section, which shall indemnify and hold the state of New  York  harmless

  from  any  and  all  claims  for  loss or liability alleged to have been
  caused or resulting from any work involving such project.
    (c)  Each  contract  entered  into  by  a  public  college  or made in
  connection with a  capital  matching  grant  made  to  a  consortium  of
  colleges  that  includes  a public college regardless of which member of
  the consortium shall be the contracting party  shall  be  awarded  by  a
  competitive  process  and  shall  be  deemed  a  state  contract for the
  purposes of article nine of the state finance  law,  provided,  however,
  that  any  contract  which  would not be a state contract except for the
  application of this paragraph  shall  not  be  subject  to  section  one
  hundred thirty-five of the state finance law.
    (d)  Each  contract  entered  into  by  a  public  college  or made in
  connection with a  capital  matching  grant  made  to  a  consortium  of
  colleges  that  includes  a public college regardless of which member of
  the consortium shall be the contracting party  shall  require  that  the
  work  covered by such contract shall be deemed "public work" and subject
  to and performed in accordance with articles eight, nine and ten of  the
  labor  law  and,  for the purposes of article fifteen-A of the executive
  law, the contracting party under such contracts shall be deemed a  state
  agency  as that term is defined in such article and such contracts shall
  be deemed state contracts within the meaning of that term as  set  forth
  in such article.
    (e)  Independent  colleges whose contracts are not state contracts for
  the purposes of article nine  of  the  state  finance  law  and  article
  fifteen-A  of  the executive law and whose projects under such contracts
  do not involve public work so as to be subject to articles eight,  nine,
  and  ten  of the labor law, shall execute an undertaking, as a condition
  of receiving any capital matching  grant,  to  voluntarily  comply  with
  article  nine  of  the  state  finance  law,  except section one hundred
  thirty-five of such law, article fifteen-A of  the  executive  law,  and
  articles  eight, nine, and ten of the labor law so far as the same would
  be applicable to the contracts of a public college, and to be subject to
  the enforcement provisions of said articles to the same extent.
    7. Reporting. (a) The New York state higher education capital matching
  grant board shall, annually on or before  December  first,  prepare  and
  submit  an  annual  report to the governor and the chair of the assembly
  ways and means committee and the chair of the senate finance  committee.
  Such  report shall contain at a minimum the following information: (i) a
  list of all applications filed by any college  for  a  grant  under  the
  higher  education  capital  grant  program  including  the  name  of the
  applying college, a brief description of the project, and the amount  of
  the  grant  requested;  (ii)  a  list of the applications granted by the
  board specifying the amount of the grant  approved  if  such  amount  is
  different from the amount applied for; and (iii) a statement showing the
  dollar  amount of all grants approved by the board and the dollar amount
  of the remaining capacity for future grants.
    (b) Any eligible  institution  receiving  a  grant  pursuant  to  this
  article  shall  report  to  the  dormitory  authority no later than June
  first, two thousand seven, on  the  use  of  funding  received  and  its
  programmatic and economic impact. The dormitory authority shall submit a
  report  no  later  than November first, two thousand seven to the board,
  the governor, the director of the budget, the temporary president of the
  senate, and the speaker of the assembly on the aggregate impact  of  the
  higher  education  capital  matching  grant  program.  Such report shall
  provide information on the progress and economic impact of each project.
    * NB There are 2 § 1680-j's