90-3-301. Appropriation authority and funding -- matching funds. (1) The board has authority to accept and expend all funds received by it as grants, donations, or other private or public income. These funds are statutorily appropriated as provided in 17-7-502.
     (2) The appropriations and loans made to and by the board are in addition to and separate from general fund appropriations to the university system and other state agencies.
     (3) A loan may not be made for a seed capital project for which matching funds have not been received. Matching funds are required prior to any expenditure of board funds for all seed capital projects. The board may accept as matching funds those received by the loan recipient within 1 year prior to the execution of the loan agreement. The board may require additional matching funds, depending on the capital need and the degree of risk encountered in the seed capital project.
     (4) A loan may not be made for a research and development project for which matching funds have not been received unless the matching fund requirements are waived by the board pursuant to this section. Matching funds, when required, must be received before expenditure of board funds for a research and development project loan may be made. The board may waive the required match for up to 25% of the funding for research and development project loans if the board determines that the capital need and potential commercialization of the research and development project, in addition to its potential to strengthen the partnership between the public sector and private sector, warrant the waiver. The board may accept as matching funds those received by the loan recipient within 1 year prior to the execution of the loan agreement. The board may require additional matching funds depending on the capital need in the research and development project.

     History: En. Sec. 8, Ch. 701, L. 1985; amd. Sec. 19, Ch. 316, L. 1989; amd. Sec. 7, Ch. 594, L. 1991.