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Statutes Text

Article - Economic Development




§6–614.

    (a)    Endowment proceeds shall be expended by a nonprofit institution of higher education to further basic and applied research in scientific and technical fields of study as designated by the Authority that offer promising and significant economic impacts and the opportunity to develop clusters of technological innovation in the State, including:

        (1)    physical sciences;

        (2)    life and neuro sciences;

        (3)    engineering;

        (4)    mathematical and computational sciences;

        (5)    regulatory science;

        (6)    autonomous systems;

        (7)    aeronautical and space science;

        (8)    environmental sciences;

        (9)    behavioral and language science;

        (10)    health sciences;

        (11)    agriculture; or

        (12)    cybersecurity.

    (b)    Endowment proceeds may be expended by a nonprofit institution of higher education for:

        (1)    the payment of the base salaries of newly endowed department chairs, new professorship positions, new research scientists, or new research staff positions, including research technicians and support personnel, and to fund affiliated graduate or undergraduate student research fellowships, if the positions or fellowships are engaged in the areas of research identified in subsection (a) of this section; or

        (2)    the purchase of basic infrastructure, including laboratory and scientific equipment or other essential equipment and materials, related to an area of research identified in subsection (a) of this section.

    (c)    An individual in a position that is funded by endowment proceeds under subsection (b)(1) of this section shall:

        (1)    work at least one day each week in support of a federal laboratory or associated federal laboratory research support organization;

        (2)    hold a joint appointment or secondary position at another nonprofit institution of higher education in the State; or

        (3)    work at least one day each week in support of entrepreneurial activities with a company engaged in one or more of the research areas identified in subsection (a) of this section.

    (d)    The Authority shall issue eligibility criteria regarding the expenditure of endowment proceeds to pay the base salaries of personnel, fund student fellowships, and purchase basic infrastructure.