YES:
MR. SPEAKER:
Your Committee on Small Business and Economic Development , to which was
referred House Bill 1596 , has had the same under consideration and begs leave to report
the same back to the House with the recommendation that said bill be amended as follows:
Delete everything after the enacting clause and insert the following:
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, nanotechnology, 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.
and when so amended that said bill do pass.