2011 Louisiana Laws
Revised Statutes
TITLE 51 — Trade and commerce
RS 51:2205 — Administration of funds; bylaws; rules and regulations; program guidelines

§2205. Administration of funds; bylaws; rules and regulations; program guidelines

A. The Dedicated Research Investment Fund shall be administered by the Board of Regents.

B. The board shall adopt bylaws governing its use of this fund and shall adopt rules and regulations governing any program or funding action that it implements prior to the initiation of the program or funding action. Specifically, rules and regulations shall establish a maximum amount or percentage of total funds that may be awarded to any individual project recipient or that may be utilized by the board for administrative expenses. Such bylaws, rules, and regulations shall be adopted in accordance with the Administrative Procedure Act, R.S. 49:950, et seq.

C. The board shall strive to clearly delineate the programs that are to be implemented and the functions that each program fulfills. The board shall apply the following guidelines to any program funded:

(1) When appropriate to the commercial nature of a program, a program receiving funding shall be financed in a manner that will provide recovery of part or all of the investment based on the degree of commercial success realized by the program.

(2) In every case possible, the board shall design its funding to consist of joint or cooperative ventures with other private or public institutions, organizations, or persons in order to reduce the size of each investment by the board, and thereby allowing the funding of a larger number of program initiatives overall.

(3) Proposal solicitation, review, selection, and monitoring processes should be established which will ensure efficient operations and the attainment of objectives, including:

(a) A proposal solicitation process involving widespread publicizing of board programs among academic and research institutions and within the renewable resources industries.

(b) A proposal review process which assures complete, competent, and objective review of all proposals.

(c) A selection process which assures that funding will be on a competitive basis through use of a request for proposals mechanism. All awards shall be made by the board based on recommendations from independent consultants, researchers, and educators, including minority representation, as selected by the Academic Affairs and Research Division of the Board of Regents in conjunction with the staff of the Department of Economic Development. A request for proposals shall be established by the board after seeking input from knowledgeable and interested persons.

(d) A project monitoring process which assures that each project is carried out according to plan and budget.

Acts 1987, No. 300, §1.