(1) The economic development strategic reserve account is created in the state treasury to be used only for the purposes of this section.
(2) Only the governor, with the recommendation of the director of the department of commerce, may authorize expenditures from the account.
(3) During the 2009-2011 and 2011-2013 fiscal biennia, moneys in the account may also be transferred into the state general fund.
(4) Expenditures from the account may be made to prevent closure of a business or facility, to prevent relocation of a business or facility in the state to a location outside the state, or to recruit a business or facility to the state. Expenditures may be authorized for:
(a) Workforce development;
(b) Public infrastructure needed to support or sustain the operations of the business or facility;
(c) Other lawfully provided assistance including, but not limited to, technical assistance, environmental analysis, relocation assistance, and planning assistance. Funding may be provided for such assistance only when it is in the public interest and may only be provided under a contractual arrangement ensuring that the state will receive appropriate consideration, such as an assurance of job creation or retention; and
(d) The joint center for aerospace technology innovation.
(5) The funds shall not be expended from the account unless:
(a) The circumstances are such that time does not permit the director of the department of commerce or the business or facility to secure funding from other state sources;
(b) The business or facility produces or will produce significant long-term economic benefits to the state, a region of the state, or a particular community in the state;
(c) The business or facility does not require continuing state support;
(d) The expenditure will result in new jobs, job retention, or higher incomes for citizens of the state;
(e) The expenditure will not supplant private investment; and
(f) The expenditure is accompanied by private investment.
(6) No more than three million dollars per year may be expended from the account for the purpose of assisting an individual business or facility pursuant to the authority specified in this section.
(7) If the account balance in the strategic reserve account exceeds fifteen million dollars at any time, the amount in excess of fifteen million dollars shall be transferred to the education construction account.
(8) During the 2017-2019 and 2019-2021 fiscal biennia, the legislature may appropriate moneys from the account to fund programs and grants at the department of commerce. It is the intent of the legislature that this policy will be continued in subsequent fiscal biennia.