CHAPTER 16. INDIANA TWENTY-FIRST CENTURY RESEARCH AND TECHNOLOGY FUND
IC 5-28-16
Chapter 16. Indiana Twenty-First Century Research and
Technology Fund
IC 5-28-16-1
"Fund"
Sec. 1. As used in this chapter, "fund" refers to the Indiana
twenty-first century research and technology fund established by
section 2 of this chapter.
As added by P.L.4-2005, SEC.34.
IC 5-28-16-2
Fund established; purposes; administration; budget agency review
and approval of grants and loans
Sec. 2. (a) The Indiana twenty-first century research and
technology fund is established within the state treasury to provide
grants or loans to support proposals for economic development in
one (1) or more of the following areas:
(1) To increase the capacity of Indiana postsecondary
educational institutions, Indiana businesses, and Indiana
nonprofit corporations and organizations to compete
successfully for federal or private research and development
funding.
(2) To stimulate the transfer of research and technology into
marketable products.
(3) To assist with diversifying Indiana's economy by focusing
investment in biomedical research and biotechnology,
information technology, development of alternative fuel
technologies, development and production of fuel efficient
vehicles and other high technology industry clusters requiring
high skill, high wage employees.
(4) To encourage an environment of innovation and cooperation
among universities and businesses to promote research activity.
(b) The fund consists of:
(1) appropriations from the general assembly;
(2) proceeds of bonds issued by the Indiana finance authority
under IC 4-4-11.4 for deposit in the fund; and
(3) loan repayments.
(c) The corporation shall administer the fund. The following may
be paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out
the purposes of this chapter.
(d) Earnings from loans made under this chapter shall be
deposited in the fund.
(e) The budget agency shall review each recommendation. The
budget agency, after review by the budget committee, may approve,
deny, or modify grants and loans recommended by the board. Money
in the fund may not be used to provide a recurring source of revenue
for the normal operating expenditures of any project.
(f) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the state general fund.
(g) The money in the fund at the end of a state fiscal year does not
revert to the state general fund but remains in the fund to be used
exclusively for the purposes of this chapter.
As added by P.L.4-2005, SEC.34. Amended by P.L.1-2006, SEC.128;
P.L.2-2007, SEC.108; P.L.127-2007, SEC.1.
IC 5-28-16-3
Application for grant or loan from fund
Sec. 3. (a) An application requesting a grant or loan from the fund
must be targeted to one (1) or more of the areas listed in section 2 of
this chapter.
(b) A successful applicant for a grant or loan from the fund must
meet the requirements of this section and be approved by the board.
An application for a grant or loan from the fund must be made on an
application form prescribed by the board. An applicant shall provide
all information that the board finds necessary to make the
determinations required by this chapter.
(c) All applications for a grant or loan from the fund must include
the following:
(1) A fully elaborated technical research or business plan,
whichever applies, that is appropriate for review by outside
experts as provided in this chapter.
(2) A detailed financial analysis that includes the commitment
of resources by other entities that will be involved in the
project.
(3) A statement of the economic development potential of the
project, such as:
(A) a statement of the way in which support from the fund
will lead to significantly increased funding from federal or
private sources and from private sector research partners; or
(B) a projection of the jobs to be created.
(4) The identity, qualifications, and obligations of the applicant.
(5) Any other information that the board considers appropriate.
An applicant for a grant or loan from the fund may request that
certain information that is submitted by the applicant be kept
confidential. The board shall make a determination of confidentiality
as soon as is practicable. If the board determines that the information
should not be kept confidential, the applicant may withdraw the
application, and the board must return the information before making
it part of any public record.
(d) An application for a grant or loan from the fund submitted by
an academic researcher must be made through the office of the
president of the researcher's academic institution with the express
endorsement of the institution's president. An application for a grant
or loan from the fund submitted by a private researcher must be made
through the office of the highest ranking officer of the researcher's
institution with the express endorsement of the institution. Any other
application must be made through the office of the highest ranking
officer of the entity submitting the application. In the case of an
application for a grant or loan from the fund that is submitted jointly
by one (1) or more researchers or entities, the application must be
endorsed by each institution or entity as required by this subsection.
As added by P.L.4-2005, SEC.34.
IC 5-28-16-4
Powers and duties of board
Sec. 4. (a) The board has the following powers:
(1) To accept, analyze, and approve applications under this
chapter.
(2) To contract with experts for advice and counsel.
(3) To employ staff to assist in carrying out this chapter,
including providing assistance to applicants who wish to apply
for a grant or loan from the fund, analyzing proposals, working
with experts engaged by the board, and preparing reports and
recommendations for the board.
(4) To approve and recommend applications for grants or loans
from the fund to the budget committee and budget agency.
(b) The board shall give priority to applications for grants or loans
from the fund that:
(1) have the greatest economic development potential; and
(2) require the lowest ratio of money from the fund compared
with the combined financial commitments of the applicant and
those cooperating on the project.
(c) The board shall make final funding determinations for
applications for grants or loans from the fund that will be submitted
to the budget agency for review and approval. In making a
determination on a proposal intended to obtain federal or private
research funding, the board shall be advised by a peer review panel
and shall consider the following factors in evaluating the proposal:
(1) The scientific merit of the proposal.
(2) The predicted future success of federal or private funding
for the proposal.
(3) The ability of the researcher to attract merit based scientific
funding of research.
(4) The extent to which the proposal evidences interdisciplinary
or interinstitutional collaboration among two (2) or more
Indiana postsecondary educational institutions or private sector
partners, as well as cost sharing and partnership support from
the business community.
The purposes for which grants and loans may be made include
erecting, constructing, reconstructing, extending, remodeling,
improving, completing, equipping, and furnishing research and
technology transfer facilities.
(d) The peer review panel shall be chosen by and report to the
board. In determining the composition and duties of a peer review
panel, the board shall consider the National Institutes of Health and
the National Science Foundation peer review processes as models.
The members of the panel must have extensive experience in federal
research funding. A panel member may not have a relationship with
any private entity or postsecondary educational institution in Indiana
that would constitute a conflict of interest for the panel member.
(e) In making a determination on any other application for a grant
or loan from the fund involving a proposal to transfer research results
and technologies into marketable products or commercial ventures,
the board shall consult with experts as necessary to analyze the
likelihood of success of the proposal and the relative merit of the
proposal.
(f) A grant or loan from the fund may not be approved or
recommended to the budget agency by the board unless the grant or
loan has received a positive recommendation from a peer review
panel described in this section.
As added by P.L.4-2005, SEC.34. Amended by P.L.1-2006, SEC.129;
P.L.2-2007, SEC.109.
IC 5-28-16-5
Administrative expenses
Sec. 5. The board may use money in the fund to cover
administrative expenses incurred in carrying out the requirements of
this chapter.
As added by P.L.4-2005, SEC.34.
IC 5-28-16-6
Annual report
Sec. 6. The board shall submit an annual report to the legislative
council before September 1. The report must be in an electronic
format under IC 5-14-6 and must contain the following information
concerning fund activity in the preceding state fiscal year:
(1) The name of each entity receiving a grant from the fund.
(2) The location of each entity sorted by:
(A) county, in the case of an entity located in Indiana; or
(B) state, in the case of an entity located outside Indiana.
(3) The amount of each grant awarded to each entity.
As added by P.L.4-2005, SEC.34.