"§4-10 RESEARCH AND COMMERCIALIZATION REQUIREMENTS

§4-10.01 VIRGINIA RESEARCH ALLIANCE FUND

a. There is hereby created in the state treasury a special nonreverting fund to be known as the Virginia Research Alliance Fund.  The Fund shall be established on the books of the Comptroller.  All moneys appropriated by the General Assembly for the Fund, and from any other sources public or private, shall be paid into the state treasury and credited to the Fund.  Interest earned on moneys in the Fund shall remain in the Fund and be credited to it.  Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall be credited to it.  Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Director of the State Council of Higher Education for Virginia.

b. Moneys in the Fund shall be used to promote research and development excellence in the Commonwealth; to position the Commonwealth as a national leader in science-based and technology-based research, development, and commercialization; and to encourage cooperation and collaboration among Virginia's public higher education research institutions, and with the private sector, in designated areas and with activities that foster economic development and job creation in the Commonwealth.  Areas will be designated in the Appropriations Act and guidelines associated with receiving grants under the Fund shall be developed by the State Council of Higher Education for Virginia.

c. Grants or loans from the Fund shall be administered by the Virginia Research Advisory Committee (V-RAC) which shall consist of the Director of the State Council of Higher Education for Virginia, the Director of the Department of Planning and Budget, the Secretary of Finance, a staff designee of the House Appropriations Committee, a staff designee of the Senate Finance Committee, one citizen member with relevant professional experience in research or research commercialization appointed by the Speaker of the House, and one citizen member with relevant professional experience in research or research commercialization appointed by the Senate Committee on Rules.  Citizen members shall not have any current direct or indirect financial interest in proposals that come before the Virginia Research Advisory Committee.

d. Not more than $4,000,000 per year in total may be expended from the Fund.".