63M-2-302 - Governing authority powers.
63M-2-302. Governing authority powers.
(1) The governing authority shall:
(a) ensure that funds appropriated and received for research and development at theresearch universities and for the technology outreach program are used appropriately, effectively,and efficiently in accordance with the intent of the Legislature;
(b) in cooperation with the universities' administrations, expand key research at the tworesearch universities;
(c) enhance technology transfer and commercialization of research and technologiesdeveloped at the research universities to create high-quality jobs and new industries in the privatesector in Utah;
(d) review state and local economic development plans and appropriations to ensure thatthe project and appropriations do not duplicate existing or planned programs;
(e) establish economic development objectives for the project;
(f) by following the procedures and requirements of Title 63G, Chapter 3, UtahAdministrative Rulemaking Act, make rules for allocating money appropriated to it for researchteams and for the commercialization of new technology between Utah State University and theUniversity of Utah;
(g) verify that the project is being enhanced by research grants and that it is meeting thegoverning authority's economic development objectives;
(h) monitor all research plans that are part of the project at the research universities todetermine that appropriations are being spent in accordance with legislative intent and tomaximize the benefit and return to the state;
(i) develop methods and incentives to encourage investment in and contributions to theproject from the private sector; and
(j) annually report and make recommendations to:
(i) the governor; and
(ii) the Economic Development and Revenue Appropriations Subcommittee.
(2) The governing authority may:
(a) in addition to money received by it from the Legislature, receive contributions fromany source in the form of money, property, labor, or other things of value for the project;
(b) subject to any restrictions imposed by the donation, appropriations, or bondauthorizations, allocate money received by it among the research universities, technologyoutreach program, and technology transfer offices to support commercialization and technologytransfer to the private sector; or
(c) enter into agreements necessary to obtain private equity investment in the project.
(3) All money appropriated to the governing authority is nonlapsing.
(4) The governing authority shall report to the Economic Development and RevenueAppropriations Subcommittee and to the Legislative Executive Appropriations Committee byNovember 1 of each year on its activities, including:
(a) the achievement of the objectives and duties provided under this part;
(b) its annual expenditure of funds; and
(c) nonlapsing balances retained by the governing authority.
Amended by Chapter 323, 2010 General Session