23-303 - Evaluation of proposals; due diligence; participation by universities.
§ 23-303. Evaluation of proposals; due diligence; participation byuniversities.
A. All requests seeking funds from the Foundation shall be thoroughlyevaluated utilizing the criteria set forth in subsection B of this section.The Board and such staff as may be employed shall participate in theevaluation and may utilize such additional assistance as they determinenecessary. The universities shall provide expertise for the evaluationprocess as requested by the Board.
B. Each funding request shall be evaluated according to the extent to whichit meets a substantial portion of the following criteria as appropriate tothe project or technology proposed:
1. Whether, and to what extent, the proposed project will identify, develop,and facilitate production and marketing of alternative fuels, clean energysources, reduced dependence on foreign energy supplies, more affordableenergy, discovery and development of raw materials necessary for energyproduction, or other similar improvements in energy creation, production,distribution, and affordability;
2. Whether, and to what extent, the proposed project will aid in economicrevitalization of economically disadvantaged areas;
3. The scientific and technological value and viability of the proposedproject;
4. The likelihood that the proposed project will fully realize its statedobjectives;
5. The cost of the proposed project in relation to its reasonably foreseeableeconomic impact;
6. Whether, and to what extent, the proposed project will likely result in acommercially viable outcome;
7. The effort and time necessary to commercialize outcomes of the proposedproject;
8. Whether, and to what extent, the requesting entity has utilized otheravailable funding sources; and
9. Such other criteria as the Board may determine.
C. The Board shall determine whether a funding request sufficiently meets thecriteria established and the purposes of this chapter, and if so, theappropriate amount of funding to be provided. Funding shall be awarded onlyto those proposed projects that best meet the established criteria andpurposes of this chapter.
D. Any member of the Board who has a personal interest in any transactionbefore the Board shall be disqualified from participating in thattransaction, and shall forthwith make disclosure of the existence of hisinterest, including the full name and address of the business involved, andhis disclosure shall also be reflected in the public records of the Board forfive years in the office of the administrative head of the Board or, if theBoard has a clerk, in the clerk's office.
(2010, c. 846.)