Ind. Code ch. 5-28-16

in effect

Ind. Code § 5-28-16-1 "Fund"

Sec. 1. As used in this chapter, "fund" refers to the Indiana twenty-first century research and technology fund established by section 2 of this chapter. As added by P.L.4-2005, SEC.34.

Ind. Code § 5-28-16-2 Fund established; purpose; administration; budget committee review of programs, initiatives, and investment policies; reporting requirements; budget agency review and approval of available funding

Sec. 2. (a) The Indiana twenty-first century research and technology fund is established within the state treasury to provide grants or loans to support proposals for economic development in one (1) or more of the following areas: (1) To increase the capacity of Indiana postsecondary educational institutions, Indiana businesses, and Indiana nonprofit corporations and organizations to compete successfully for federal or private research and development funding. (2) To stimulate the transfer of research and technology into marketable products. (3) To assist with diversifying Indiana's economy by focusing investment in biomedical research and biotechnology, information technology, development of alternative fuel technologies, development and production of fuel efficient vehicles, and other high technology industry clusters requiring high skill, high wage employees. (4) To encourage an environment of innovation and cooperation among universities and businesses to promote research activity. (5) To provide grants to district boards that are established in the city of Lafayette and the city of Fort Wayne under the entrepreneur and enterprise district pilot program established under IC 5-28-15.5 and as set forth in IC 5-28-15.5-5. (b) The fund consists of: (1) appropriations from the general assembly; and (2) loan repayments. (c) The corporation shall administer the fund. The following may be paid from money in the fund: (1) Expenses of administering the fund. (2) Nonrecurring administrative expenses incurred to carry out the purposes of this chapter. (d) Earnings from loans made under this chapter shall be deposited in the fund. (e) The budget committee shall review programs and initiatives and corresponding investment policies established by the board. The budget agency shall review each recommendation to verify and approve available funding and compliance with the established investment policy. Money in the fund may not be used to provide a recurring source of revenue for the normal operating expenditures of any project. (f) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the state general fund. (g) The money in the fund at the end of a state fiscal year does not revert to the state general fund but remains in the fund. (h) For each state fiscal year beginning after June 30, 2017, and ending before July 1, 2022, the corporation may allocate two million dollars ($2,000,000) of the total amount held within the fund in that state fiscal year for the purposes of making grants from the fund under subsection (a)(5) to district boards established in the city of Lafayette and the city of Fort Wayne as set forth in IC 5-28-15.5-5. This subsection expires December 31, 2022. As added by P.L.4-2005, SEC.34. Amended by P.L.1-2006, SEC.128; P.L.2-2007, SEC.108; P.L.127-2007, SEC.1; P.L.213-2015, SEC.71; P.L.237-2017, SEC.21; P.L.238-2017, SEC.5; P.L.86-2018, SEC.21.

Ind. Code § 5-28-16-3 Application for grant or loan from fund

Sec. 3. (a) This section does not apply to a district board (as defined in IC 5-28-15.5-1(2)) that is an applicant for a grant under section 2(a)(5) of this chapter. (b) An application requesting a grant or loan from the fund must be targeted to one (1) or more of the areas listed in section 2 of this chapter. (c) A successful applicant for a grant or loan from the fund must meet the requirements of this section and be approved by the board. An application for a grant or loan from the fund must be made on an application form prescribed by the corporation. An applicant shall provide all information that the board finds necessary to make the determinations required by this chapter. (d) All applications for a grant or loan from the fund must include the following: (1) A fully elaborated technical research or business plan, whichever applies, that is appropriate for review by outside experts as provided in this chapter. (2) A detailed financial analysis that includes the commitment of resources by other entities that will be involved in the project. (3) A statement of the economic development potential of the project, such as: (A) a statement of the way in which support from the fund will lead to significantly increased funding from federal or private sources and from private sector research partners; or (B) a projection of the jobs to be created. (4) The identity, qualifications, and obligations of the applicant. (5) Any other information that the board considers appropriate. An applicant for a grant or loan from the fund may request that certain information that is submitted by the applicant be kept confidential. However, an applicant's projection of the jobs to be created by a project may not be kept confidential. The corporation shall make a determination of confidentiality as soon as is practicable. If the corporation determines that the information should not be kept confidential, the applicant may withdraw the application, and the corporation must return the information before making it part of any public record. (e) An application for a grant or loan from the fund submitted by an academic researcher must be made through the office of the president of the researcher's academic institution with the express endorsement of the institution's president. An application for a grant or loan from the fund submitted by a private researcher must be made through the office of the highest ranking officer of the researcher's institution with the express endorsement of the institution. Any other application must be made through the office of the highest ranking officer of the entity submitting the application. In the case of an application for a grant or loan from the fund that is submitted jointly by one (1) or more researchers or entities, the application must be endorsed by each institution or entity as required by this subsection. As added by P.L.4-2005, SEC.34. Amended by P.L.137-2012, SEC.11; P.L.145-2016, SEC.16; P.L.238-2017, SEC.6.

Ind. Code § 5-28-16-4 Powers and duties of board; reporting

Sec. 4. (a) The board has the following powers: (1) To accept, analyze, and approve applications under this chapter. (2) To contract with experts for advice and counsel. (3) To employ staff to assist in carrying out this chapter, including providing assistance to applicants who wish to apply for a grant or loan from the fund, analyzing proposals, working with experts engaged by the board, and preparing reports and recommendations for the board. (4) To approve applications for grants or loans from the fund, subject to budget agency review under section 2(e) of this chapter. (5) To establish programs and initiatives with corresponding investment policies. (b) The board shall give priority to applications for grants or loans from the fund that: (1) have the greatest economic development potential; and (2) require the lowest ratio of money from the fund compared with the combined financial commitments of the applicant and those cooperating on the project. (c) The board shall make final funding determinations for applications for grants or loans from the fund, subject to budget agency review under section 2(e) of this chapter. In making a determination on a proposal intended to obtain federal or private research funding, the board shall be advised by a peer review panel and shall consider the following factors in evaluating the proposal: (1) The scientific merit of the proposal. (2) The predicted future success of federal or private funding for the proposal. (3) The ability of the researcher to attract merit based scientific funding of research. (4) The extent to which the proposal evidences interdisciplinary or interinstitutional collaboration among two (2) or more Indiana postsecondary educational institutions or private sector partners, as well as cost sharing and partnership support from the business community. The purposes for which grants and loans may be made include erecting, constructing, reconstructing, extending, remodeling, improving, completing, equipping, and furnishing research and technology transfer facilities. (d) The peer review panel shall be chosen by and report to the board. In determining the composition and duties of a peer review panel, the board shall consider the National Institutes of Health and the National Science Foundation peer review processes as models. The members of the panel must have extensive experience in federal research funding. A panel member may not have a relationship with any private entity or postsecondary educational institution in Indiana that would constitute a conflict of interest for the panel member. (e) In making a determination on any other application for a grant or loan from the fund involving a proposal to transfer research results and technologies into marketable products or commercial ventures, the board shall consult with experts as necessary to analyze the likelihood of success of the proposal and the relative merit of the proposal. (f) A grant or loan from the fund may not be submitted for review by the budget agency under section 2(e) of this chapter unless the grant or loan has received a positive recommendation from a peer review panel described in this section. (g) The corporation shall include information concerning grants and loans made under this chapter in the economic incentives and compliance report submitted under IC 5-28-28. As added by P.L.4-2005, SEC.34. Amended by P.L.1-2006, SEC.129; P.L.2-2007, SEC.109; P.L.213-2015, SEC.72; P.L.145-2016, SEC.17; P.L.237-2017, SEC.22; P.L.130-2018, SEC.15.

Ind. Code § 5-28-16-5 Administrative expenses

Sec. 5. The corporation may use money in the fund to cover administrative expenses incurred in carrying out the requirements of this chapter. As added by P.L.4-2005, SEC.34. Amended by P.L.145-2016, SEC.18.

Ind. Code § 5-28-16-6 Annual report

Sec. 6. The corporation shall include the following information concerning fund activity in the economic incentives and compliance report submitted under IC 5-28-28: (1) The name of each entity receiving a grant from the fund. (2) The location of each entity sorted by: (A) county, in the case of an entity located in Indiana; or (B) state, in the case of an entity located outside Indiana. (3) The amount of each grant awarded to each entity. As added by P.L.4-2005, SEC.34. Amended by P.L.145-2016, SEC.19; P.L.237-2017, SEC.23; P.L.130-2018, SEC.16.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/5Fetched: 10/17/2026