In all cases where a college fails to pay or provide for the payment of any rental or rentals or other sums due to the authority in accordance with any lease or other contract entered into between the authority and such college, upon written notice thereof from the authority, the State Treasurer may (i) notify the college of its obligation and of the withholding provisions of this section; (ii) withhold, out of any State appropriations payable to the college an amount equal to the unpaid rentals or other sums owing by such college, and (iii) notify the Auditor General of his actions and request the Auditor General to issue a warrant for payment to the authority of the amount so withheld. Upon receipt of such notice from the State Treasurer, the Auditor General shall issue to the State Treasurer a warrant for payment to the authority and the State Treasurer shall forthwith pay over the amount so withheld to the authority, which shall apply said amount to the rental or other sums due from such college. The authority shall also give written notice of any such nonpayment to the Secretary of Education.