Authority: Title 2.2, Chapter 22, Article 3, Code of Virginia, and Discretionary Inclusion.
A. The appropriation in this item shall be used for the purpose of and in accordance with the terms and conditions specified in Title 2.2, Chapter 22, Article 3, Code of Virginia.
B. Upon authorization of the Governor, the Innovative Technology Authority may transfer funds appropriated to it by this act to the nonstock corporation or other entity the formation of which the Governor is authorized to undertake in establishing the Authority.
C. The Innovative Technology Authority is hereby authorized to transfer funds in this appropriation to the Center for Innovative Technology to expend said funds for realizing the statutory purposes of the Authority, by contracting with governmental and private entities, notwithstanding the provisions of § 4-1.05 b of this act.
D. This appropriation shall be disbursed in twelve equal monthly installments each fiscal year.
E.1. Before the beginning of each fiscal year, the Innovative Technology Authority shall provide to the Chairmen of the House Appropriations and Senate Finance Committees and the Director of the Department of Planning and Budget a report of its operating plan. Within three months after the end of the fiscal year, the Center shall submit a detailed expenditure report for the concluded fiscal year. Both reports shall be prepared in the formats as approved by the Department of Planning and Budget.
2. The Innovative Technology Authority shall provide a report to the Governor and the Chairmen of the Senate Finance and House Appropriations Committees by November 3, each year, on the Center for Innovative Technology's Technology Awards Program and Technology Growth Program, including, but not limited to, program costs, new companies started in or relocated to Virginia, jobs created, investments made, patent applications made, grants awarded, licenses issued, and funds paid back to the agency by successful commercial operations.
F. As part of its mission to foster technological innovation in the Commonwealth, the Innovative Technology Authority is encouraged to include in its activities Virginia private research universities, such as George Washington University.
G. Out of the amounts for Industrial Development Services shall be provided $73,425 the first year and $73,425 the second year from the general fund for maintenance of the Center for Innovative Technology building complex.
H. The agency may continue the same level of support for the Virginia Commercial Space Flight Authority during this biennium that the Innovative Technology Authority provided during the 2000-02 biennium.
I. The Innovative Technology Authority shall provide a report to the Governor and the Chairmen of the Senate Finance and House Appropriations Committees by November 1 of each year on the status and progress of all centers in meeting their research and commercialization purposes.
J. The Center for Innovative Technology shall continue to support efforts of public and quasi-public bodies within the Commonwealth to enhance or facilitate the prompt availability of and access to advanced electronic communications services, commonly known as broadband, throughout the Commonwealth, monitoring trends and advances in advanced electronic communications technology to plan and forecast future needs for such technology, and identify funding options.
K.1. The General Assembly supports the Innovative Technology Authority’s stated mission to enhance federal research funding to Virginia’s colleges and universities and to industry. It is also the intent of the General Assembly to promote a greater reliance by the Authority on nongeneral fund revenues for the Authority’s operations and programs.
2. To that end, the Authority or its operating body shall enter into memoranda of understanding with Virginia’s institutions of higher education and with industry to recover the Authority’s administrative and program costs associated with the Authority’s efforts to solicit, develop, coordinate, and manage proposals attracting federal research and development dollars for technology research to Virginia. The Authority shall recover moneys from the institutions of higher education and industry up to 7.5 percent of the value of any grant or award directly obtained with assistance from the Authority.
3. From the amounts paid by public and private parties for services provided by the Authority as provided in the memoranda of understanding, the Authority shall deposit $500,000 in the second year to the general fund of the state treasury.
4. The Governor shall unallot and withhold from distribution to the Innovative Technology Authority $500,000 the second year from the general fund until these conditions are met:
a. A memorandum of understanding (MOU) is prepared and signed by the Chairman of the Innovative Technology Authority, the President of the Center for Innovative Technology, and the Secretary of Finance. The MOU shall direct the Authority to deposit in the second year to the general fund of the state treasury a total of $500,000 comprising the collection of recoveries.
b. If all parties to the MOU agree, then the Authority may make more than one deposit in the fiscal year to achieve the $500,000 total. For each deposit made to the credit of the general fund, the Secretary of Finance shall cause to be released from unalloted and previously withheld general fund appropriations an amount equal to the deposit.
5. It is the intent of the General Assembly that total general fund support for the Innovative Technology Authority be phased out over a period of time – 25.0 percent by fiscal year 2005, 50.0 percent by fiscal year 2006, 75.0 percent by fiscal year 2007, and 100.0 percent in subsequent years.