Sec 15-1648. Technology and research initiative fund; purpose

A. The technology and research initiative fund is established consisting of revenues transferred to the fund pursuant to section 42-5029, subsection E, paragraph 2. The Arizona board of regents shall administer the fund. The monies in the fund are continuously appropriated to the Arizona board of regents for distribution pursuant to this section and are exempt from the provisions of section 35-190 relating to lapsing of appropriations.

B. The board shall adopt rules to administer the technology and research initiative fund in accordance with this section. The board may allocate up to twenty per cent of the monies in the fund to be used for capital projects relating to new economy initiatives, including debt service, for the universities under its jurisdiction, pursuant to chapter 13, article 5 of this title.

C. The Arizona board of regents shall receive requests from the individual universities and shall determine the amount and duration of each award. The criteria for the evaluation of each request shall be as follows:

1. The award must be related to one of the following:

(a) A specific academic or research field.

(b) Designed to expand access to baccalaureate or post-baccalaureate education for time-bound and place-bound students.

(c) To implement recommendations of the Arizona partnership for the new economy or the governor's task force on higher education.

2. The award may be used to develop new and existing programs that will prepare students to contribute in high technology industries located in this state.

3. The award may be used in conjunction with matching financial assistance from private industry.

4. The Arizona board of regents shall give preference to requests that are developed in conjunction with private industry, private entities or federal agencies.

D. The Arizona board of regents shall submit a report to the governor, the president of the senate and the speaker of the house of representatives on September 1 of each year on the technology and research award program and shall transmit a copy to the secretary of state and the director of the Arizona state library, archives and public records. The report shall include a description of the amount and duration of each new award distributed and a description of the purpose and goals for each award. For existing awards, the Arizona board of regents shall use a detailed set of performance measures to determine the overall effectiveness of each award.