§ 6-09-53 — Economic diversification research fund - Report to legislative management

North Dakota § 6-09-53

• Jurisdiction: North Dakota
• Title 6: Banks and Banking
• Ch. 6-09: The Bank of North Dakota

Text

1. There is created in the state treasury the economic diversification research fund. The
fund consists of all moneys deposited in or transferred to the fund pursuant to
legislative action. Moneys in the fund may be spent by the Bank of North Dakota
pursuant to legislative appropriations to provide grants to institutions under the control
of the state board of higher education for economic diversification research.
2. In consultation with representatives of North Dakota state university and the university
of North Dakota, the Bank, in consultation with the state board of higher education,
shall award grants to institutions under the control of the state board of higher
education. The bank must award ninety percent of the funds available each biennium
to North Dakota state university and the university of North Dakota with equal amounts
awarded to each institution. The remaining funding must be awarded to the other
institutions under the control of the state board of higher education, as determined by
the board. The state board of higher education may not award more than fifty percent
of the available funding during the first year of the biennium. The Bank of North Dakota
shall distribute the grant funding as awarded by the state board of higher education.
3. The state board of higher education shall develop guidelines for the economic
diversification research grants. The purpose of the grants is to stimulate economic
activity across the state through innovation of new technology, concepts, and products;
to promote job creation and career and wage growth; to enhance health care
outcomes; to address loss of revenue and jobs in communities with economies that
depend primarily on the fossil fuel industry; and to provide experiential learning
opportunities for students. Research projects may be initiated by an institution under
the control of the state board of higher education or by the private sector. The
guidelines must include consideration for research projects with matching funds and
provisions for grant oversight by an internal advisory committee and an external
advisory committee.
4. The state board of higher education shall develop reporting requirements for the
institutions under the control of the board. The reporting requirements must include
criteria for assessing performance outcomes related to the grants. The state board of
higher education shall compile the reports and submit a comprehensive report
annually to the legislative management. The comprehensive report must include
information on how the research efforts by each institution align with the state's
priorities, how the institutions collaborate when appropriate, and how the outcomes of
the research meet established performance expectations.