2006 Kansas Code - 74-99b34

      74-99b34.   Bioscience development and investment fund; deposits; distributions; audits. (a) The bioscience development and investment fund is hereby created. The bioscience development and investment fund shall not be a part of the state treasury and the funds in the bioscience development and investment fund shall belong exclusively to the authority.

      (b)   Distributions from the bioscience development and investment fund shall be for the exclusive benefit of the authority, under the control of the board and used to fulfill the purpose, powers and duties of the authority pursuant to the provisions of K.S.A. 2005 Supp. 74-99b01 et seq., and amendments thereto.

      (c)   The secretary of revenue and the authority shall establish the base year taxation for all bioscience companies and state universities. The secretary of revenue, the authority and the board of regents shall establish the number of bioscience employees associated with state universities and report annually and determine the increase from the taxation base annually. The secretary of revenue and the authority may consider any verifiable evidence, including, but not limited to, the NAICS code assigned or recorded by the department of labor for companies with employees in Kansas, when determining which companies should be classified as bioscience companies.

      (d)   For a period of 15 years from the effective date of this act, the state treasurer shall pay annually 95% of withholding above the base, as certified by the secretary of revenue, upon Kansas wages paid by bioscience employees to the bioscience development and investment fund. The state treasurer may make estimated payments to the bioscience authority more frequently based on estimates provided by the secretary of revenue and reconciled annually. On or before the 10th day of each month, the director of accounts and reports shall transfer from the state general fund to the bioscience development and investment fund interest earnings based on:

      (1)   The average daily balance of moneys in the bioscience development and investment fund for the preceding month; and

      (2)   the net earnings rate of the pooled money investment portfolio for the preceding month.

      (e)   The cumulative amounts of funds paid by the state treasurer to the bioscience development and investment fund shall not exceed $581.8 million.

      (f)   The division of post audit is hereby authorized to conduct a post audit in accordance with the provisions of the state post audit act to [*] K.S.A. 46-1106 et seq. and amendments thereto.

      (g)   At the direction of the authority, the fund may be held in the custody of and invested by the state treasurer, provided that the bioscience development and investment fund shall at all times be accounted for in a separate report from all other funds of the authority and the state.

      History:   L. 2004, ch. 112, § 21; L. 2005, ch. 75, § 2; July 1.