Arizona Revised Statutes Title 15. Education § 15-1648. Technology and research initiative fund; purpose

A. The technology and research initiative fund is established consisting of revenues transferred to the fund pursuant to § 42-5029, subsection E, paragraph 2 and § 42-5029.02, subsection A, paragraph 2. The Arizona board of regents shall administer the fund. The monies in the fund are continuously appropriated to the Arizona board of regents for distribution pursuant to this section and are exempt from the provisions of § 35-190 relating to lapsing of appropriations.

B. The board shall adopt rules to administer the technology and research initiative fund in accordance with this section. The board may allocate up to twenty percent of the monies in the fund to be used for capital projects relating to new economy initiatives, including debt service, for the universities under its jurisdiction, pursuant to article 5 of this chapter.  1

C. The Arizona board of regents shall receive requests from the individual universities and shall determine the amount and duration of each award. The criteria for the evaluation of each request shall be as follows:

D. The Arizona board of regents shall submit a report to the governor, the president of the senate and the speaker of the house of representatives on or before September 1 of each year on the technology and research award program and shall transmit a copy to the secretary of state. The report shall include a description of the amount and duration of each new award distributed and a description of the purpose and goals for each award. For existing awards, the Arizona board of regents shall use a detailed set of performance measures to determine the overall effectiveness of each award.