§ 17:3138.10 — Stimulating More Advanced Research and Technology (SMART) Program and

Louisiana § 17:3138.10

• Jurisdiction: Louisiana
• Title 17: Credit Union Law

Text

§3138.10. Stimulating More Advanced Research and Technology (SMART) Program and
Fund
A.(1) The Stimulating More Advanced Research and Technology Program, referred
to in this Section as the "SMART Program" or the "program", is hereby established for the
purpose of awarding grants to support research in the fields of science, technology,
engineering, and mathematics, collectively referred to in this Section as "STEM", at public
postsecondary education institutions.
(2) For purposes of this Section, STEM does not include psychology or other
behavioral sciences but does include biomedical science and agricultural science.
B. The SMART Program shall be administered by the Board of Regents, referred to
in this Section as the "board", which shall provide for application requirements, evaluation
criteria, and selection.
C. Grants awarded through the program shall be used to support STEM disciplines
for the following purposes:
(1) Matching research grants from federal agencies and other sources.
(2) Awarding hiring bonuses and startup packages for the purpose of attracting
distinguished faculty.
(3) Construction, improvement, or procurement of research facilities, laboratories,
equipment, and supplies.
(4) Scholarships and stipends for graduate students and postdoctoral fellows.
D.(1) As funding allows, the board shall award grants on a competitive basis among
the four purposes provided for in Subsection C of this Section with a preference for those
purposes related to research that has the opportunity for commercialization.
(2)(a) At least twenty percent of the total amount of grants shall be awarded to public
postsecondary education institutions outside of the Baton Rouge and New Orleans
metropolitan regions.
(b) The board shall award grants such that the percentage of all grant amounts in a
year that is awarded to historically black colleges and universities is approximately equal to
the percentage of all students enrolled in postsecondary education institutions who are
enrolled at historically black colleges and universities.
(3) The board shall not use more than one and one-half percent of the funding
available for the program for costs associated with administering the program.
E.(1) The "Stimulating More Advanced Research and Technology Fund", referred
to in this Section as the "SMART fund" or the "fund", is hereby created within the state
treasury for the purpose of providing funding for the SMART program.
(2) Monies in the fund shall be subject to appropriation by the legislature and shall
be available exclusively for use by the board for purposes of the SMART program.
(3) All unexpended and unencumbered monies in the fund at the end of the fiscal
year shall remain in the fund and be available for appropriation the next fiscal year. The
monies shall be invested by the treasurer in the same manner as monies in the state general
fund, and all interest earned shall be credited to the fund following compliance with the
requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the
Bond Security and Redemption Fund.
F. The board shall annually conduct a return on investment analysis for the program
and shall submit a written report relative to this analysis to the House Committee on
Education, the Senate Committee on Education, the House Committee on Appropriations,
and the Senate Committee on Finance not later than January thirty-first annually.
G. The board shall adopt rules and regulations for the implementation of this Section.
H. Implementation of the provisions of this Section shall be subject to the
appropriation of sufficient funds by the legislature for such purposes.

Legislative History

Acts 2022, No. 445, §1, eff. June 15, 2022.