If the University of Alaska intends to enter into an obligation, except for refinancing obligations, under AS 14.40.040(a)(5) with an annual payment by the university anticipated to exceed $2,500,000, the university shall provide notice to the legislature. The notice must include the anticipated annual payment amount, the anticipated financing, and the total construction, acquisition, or other costs of the project. The university may not enter into an obligation requiring a financing notice under this section, other than a refinancing obligation, unless the project has been approved by the legislature by law. An appropriation for the project does not constitute approval of the project for the purpose of this section.