(1) Notwithstanding any other provisions of this article, the authority may not undertake any facility authorized by this article unless, prior to the expenditure of proceeds, the board finds that:
(a) Such facility will enable or assist an educational institution or a cultural institution to fulfill its obligation to provide facilities; and
(b) In the case of an educational institution, such facility has been reviewed and approved by the commission if such approval is required pursuant to section 23-1-106.
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