IC 5-28-16
    Chapter 16. Indiana Twenty-First Century Research andTechnology Fund

IC 5-28-16-1
"Fund"
    Sec. 1. As used in this chapter, "fund" refers to the Indianatwenty-first century research and technology fund established bysection 2 of this chapter.
As added by P.L.4-2005, SEC.34.

IC 5-28-16-2
Fund established; purposes; administration; budget agency reviewand approval of grants and loans
    Sec. 2. (a) The Indiana twenty-first century research andtechnology fund is established within the state treasury to providegrants or loans to support proposals for economic development inone (1) or more of the following areas:
        (1) To increase the capacity of Indiana postsecondaryeducational institutions, Indiana businesses, and Indiananonprofit corporations and organizations to competesuccessfully for federal or private research and developmentfunding.
        (2) To stimulate the transfer of research and technology intomarketable products.
        (3) To assist with diversifying Indiana's economy by focusinginvestment in biomedical research and biotechnology,information technology, development of alternative fueltechnologies, development and production of fuel efficientvehicles and other high technology industry clusters requiringhigh skill, high wage employees.
        (4) To encourage an environment of innovation and cooperationamong 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 authorityunder IC 4-4-11.4 for deposit in the fund; and
        (3) loan repayments.
    (c) The corporation shall administer the fund. The following maybe paid from money in the fund:
        (1) Expenses of administering the fund.
        (2) Nonrecurring administrative expenses incurred to carry outthe purposes of this chapter.
    (d) Earnings from loans made under this chapter shall bedeposited in the fund.
    (e) The budget agency shall review each recommendation. Thebudget agency, after review by the budget committee, may approve,deny, or modify grants and loans recommended by the board. Moneyin the fund may not be used to provide a recurring source of revenuefor the normal operating expenditures of any project.    (f) The treasurer of state shall invest the money in the fund notcurrently needed to meet the obligations of the fund in the samemanner as other public funds may be invested. Interest that accruesfrom 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 notrevert to the state general fund but remains in the fund to be usedexclusively 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 fundmust be targeted to one (1) or more of the areas listed in section 2 ofthis chapter.
    (b) A successful applicant for a grant or loan from the fund mustmeet 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 anapplication form prescribed by the board. An applicant shall provideall information that the board finds necessary to make thedeterminations required by this chapter.
    (c) All applications for a grant or loan from the fund must includethe following:
        (1) A fully elaborated technical research or business plan,whichever applies, that is appropriate for review by outsideexperts as provided in this chapter.
        (2) A detailed financial analysis that includes the commitmentof resources by other entities that will be involved in theproject.
        (3) A statement of the economic development potential of theproject, such as:
            (A) a statement of the way in which support from the fundwill lead to significantly increased funding from federal orprivate 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 thatcertain information that is submitted by the applicant be keptconfidential. The board shall make a determination of confidentialityas soon as is practicable. If the board determines that the informationshould not be kept confidential, the applicant may withdraw theapplication, and the board must return the information before makingit part of any public record.
    (d) An application for a grant or loan from the fund submitted byan academic researcher must be made through the office of thepresident of the researcher's academic institution with the expressendorsement of the institution's president. An application for a grantor loan from the fund submitted by a private researcher must be madethrough the office of the highest ranking officer of the researcher's

institution with the express endorsement of the institution. Any otherapplication must be made through the office of the highest rankingofficer of the entity submitting the application. In the case of anapplication for a grant or loan from the fund that is submitted jointlyby one (1) or more researchers or entities, the application must beendorsed 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 thischapter.
        (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 applyfor a grant or loan from the fund, analyzing proposals, workingwith experts engaged by the board, and preparing reports andrecommendations for the board.
        (4) To approve and recommend applications for grants or loansfrom the fund to the budget committee and budget agency.
    (b) The board shall give priority to applications for grants or loansfrom the fund that:
        (1) have the greatest economic development potential; and
        (2) require the lowest ratio of money from the fund comparedwith the combined financial commitments of the applicant andthose cooperating on the project.
    (c) The board shall make final funding determinations forapplications for grants or loans from the fund that will be submittedto the budget agency for review and approval. In making adetermination on a proposal intended to obtain federal or privateresearch funding, the board shall be advised by a peer review paneland 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 fundingfor the proposal.
        (3) The ability of the researcher to attract merit based scientificfunding of research.
        (4) The extent to which the proposal evidences interdisciplinaryor interinstitutional collaboration among two (2) or moreIndiana postsecondary educational institutions or private sectorpartners, as well as cost sharing and partnership support fromthe business community.
The purposes for which grants and loans may be made includeerecting, constructing, reconstructing, extending, remodeling,improving, completing, equipping, and furnishing research andtechnology transfer facilities.
    (d) The peer review panel shall be chosen by and report to theboard. In determining the composition and duties of a peer reviewpanel, 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 federalresearch funding. A panel member may not have a relationship withany private entity or postsecondary educational institution in Indianathat would constitute a conflict of interest for the panel member.
    (e) In making a determination on any other application for a grantor loan from the fund involving a proposal to transfer research resultsand technologies into marketable products or commercial ventures,the board shall consult with experts as necessary to analyze thelikelihood of success of the proposal and the relative merit of theproposal.
    (f) A grant or loan from the fund may not be approved orrecommended to the budget agency by the board unless the grant orloan has received a positive recommendation from a peer reviewpanel 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 coveradministrative expenses incurred in carrying out the requirements ofthis 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 legislativecouncil before September 1. The report must be in an electronicformat under IC 5-14-6 and must contain the following informationconcerning 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.