2006 Utah Code - 63-38g-302 — Governing authority powers.

     63-38g-302.   Governing authority powers.
     (1) The governing authority shall:
     (a) ensure that funds appropriated and received for research and development at the research universities and for the technology outreach program are used appropriately, effectively, and efficiently in accordance with the intent of the Legislature;
     (b) in cooperation with the universities' administrations, expand key research at the two research universities;
     (c) enhance technology transfer and commercialization of research and technologies developed at the research universities to create high-quality jobs and new industries in the private sector in Utah;
     (d) review state and local economic development plans and appropriations to ensure that the project and appropriations do not duplicate existing or planned programs;
     (e) establish economic development objectives for the project;
     (f) by following the procedures and requirements of Title 63, Chapter 46a, Utah Administrative Rulemaking Act, make rules for allocating monies appropriated to it for research teams and for the commercialization of new technology between Utah State University and the University of Utah;
     (g) verify that the project is being enhanced by research grants and that it is meeting the governing authority's economic development objectives;
     (h) monitor all research plans that are part of the project at the research universities to determine that appropriations are being spent in accordance with legislative intent and to maximize the benefit and return to the state;
     (i) develop methods and incentives to encourage investment in and contributions to the project from the private sector; and
     (j) annually report and make recommendations to:
     (i) the governor;
     (ii) the Executive Appropriations Committee; and
     (iii) the Economic Development Appropriations Subcommittee.
     (2) The governing authority may:
     (a) in addition to monies received by it from the Legislature, receive contributions from any source in the form of money, property, labor, or other things of value for the project;
     (b) subject to any restrictions imposed by the donation, appropriations, or bond authorizations, allocate monies received by it among the research universities, technology outreach program, and technology transfer offices to support commercialization and technology transfer to the private sector; or
     (c) enter into agreements necessary to obtain private equity investment in the project.

Enacted by Chapter 123, 2006 General Session