Notwithstanding any other provision of law, neither the state, nor any municipality, has the power to acquire title to an educational facility, pursuant to the provisions of this chapter, by gift, unless prior to the issuance of obligations to finance the acquisition and construction of an educational facility by a nonbusiness corporation formed under the provisions of chapter 6 of Title 7, the governor, or the governor’s designee, in respect of the state, and the governing body in respect of a municipality, have found, after a hearing, that the acquisition and construction, proposed leasing, operation, and use of the educational facility, and its acquisition by the state or municipality, will serve a public use and provide a public benefit, and that the acquisition will be within the policy of, and the authority conferred by, this chapter. The determination may be made by the governor, or the governor’s designee, or appropriate governing body if supported by documentation and information that the governor, or the governor’s designee, or appropriate governing body may request as a basis for the determination, and if it is found that:

(1)  The acquisition and construction of the educational facility will enable or assist an educational institution to fulfill its obligations in providing education to the youth of this state; and

(2)  The educational facility will be leased to, or owned by, a financially responsible educational institution within the state; and

(3)  Adequate provision has been, or will be, made for the payment of the cost of the acquisition and construction of the educational facility, and that under no circumstances will the state or municipality be obligated, directly or indirectly, for the payment of the cost of acquisition and construction of the educational facility, or for the payment of the principal of, or interest on, any obligations issued to finance the acquisition and construction; and

(4)  Adequate provision has been, or will be, made in any lease of the educational facility for the payment of all costs of operation, maintenance, and upkeep of the educational facility by the lessee, sublessee, or occupant so that under no circumstances will the state or municipality be obligated, directly or indirectly, for the payment of those costs.