2011 Louisiana Laws
Revised Statutes
TITLE 51 — Trade and commerce
RS 51:2204 — Dedicated research investment fund; created
§2204. Dedicated Research Investment Fund; created
A. There is hereby created in the state treasury a fund to be known as the Dedicated Research Investment Fund. All money received by the fund, except as otherwise provided by Article VII, Section 9(B) of the Constitution of Louisiana, shall be deposited immediately upon receipt into the state treasury.
B. After compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund, and prior to moneys being placed in the state general fund, an amount equal to that deposited as required by Subsection A of this Section shall be credited to the Dedicated Research Investment Fund. The moneys in this fund shall be used solely as provided by Subsection C of this Section and only in the amounts appropriated by the legislature. All unexpended and unencumbered moneys in this fund at the end of the fiscal year shall remain in the fund. The moneys in this fund shall be invested by the state treasurer in the same manner as moneys in the state general fund and interest earned on the investment of these moneys shall be credited to the fund, again, following compliance with the requirements of Article VII, Section 9(B) relative to the Bond Security and Redemption Fund and shall remain in this fund at the end of each fiscal year.
C. The moneys in the Dedicated Research Investment Fund shall be used solely to fund research and development projects in public and private institutions of higher education in this state in the field of basic and applied biomedical and biotechnological research; to endow chairs of excellence; to fund graduate fellowships in biomedical and biotechnological research, twenty percent of which must be awarded to the state's historically black colleges and universities and other minorities; and to fund any other related programs or activities that will enhance research in these fields.
Acts 1987, No. 300, §1.
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