BILL REQ. #: H-0087.2
State of Washington | 58th Legislature | 2003 Regular Session |
Prefiled 12/30/2002. Read first time 01/13/2003. Referred to Committee on Technology, Telecommunications & Energy.
AN ACT Relating to investing in technology and biotechnical research and technology transfer; reenacting and amending RCW 43.79A.040; adding a new section to chapter 28B.20 RCW; and adding a new chapter to Title 70 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 The biomedical research and technology
transfer account is created in the custody of the state treasurer. An
amount equal to ten percent of the annual receipts for the state of
Washington under the master tobacco settlement agreement from the
tobacco settlement account must be deposited into the account.
Expenditures from the account may be used only for grants awarded by
the research and technology transfer commission and for operation of
the commission established under section 3 of this act. Only the
executive director of the Washington technology center or the
director's designee may authorize expenditures from the account. The
account is subject to allotment procedures under chapter 43.88 RCW, but
an appropriation is not required for expenditures.
NEW SECTION. Sec. 2 The investing in innovation trust fund is
created in the custody of the state treasurer.
(1) All court awards or court-approved or out-of-court regulatory
settlements from actions taken by the attorney general in the areas of
telecommunications, energy, and technology that are not specifically
awarded for the benefit of identifiable parties to the legal action, or
for court costs or attorneys' fees, or that are otherwise directed for
deposit by statute, must be deposited into the trust fund.
(2) Moneys in the trust fund shall be invested by the state
investment board. The state investment board has the full power to
invest, reinvest, manage, contract, sell, or exchange investment moneys
in the technology, telecommunications, and energy trust fund. All
investment and operating costs associated with the investment of money
shall be paid pursuant to RCW 43.33A.160 and 43.84.160. With the
exception of these expenses, the earnings from the investment of the
money shall be retained by the trust fund. All investments made by the
state investment board shall be made with the exercise of that degree
of judgment and care pursuant to RCW 43.33A.140 and the investment
policies established by the state investment board. As deemed
appropriate by the state investment board, moneys in the trust fund may
be commingled for investment with other funds subject to investment by
the board.
(3) The principal of the technology, telecommunications, and energy
trust fund shall not be invaded. For purposes of this section, only
the first ten million dollars deposited into the trust fund shall be
considered the principal.
(4) Other than as permitted by subsection (2) of this section, the
investment earnings from the investment of money in the trust fund may
be used only for grants awarded by the research and technology transfer
commission and for operation of the commission established under
section 3 of this act.
(5) Only the executive director of the Washington technology center
or the director's designee may authorize expenditures from the trust
fund.
NEW SECTION. Sec. 3 (1) The research and technology transfer
commission is created.
(2) The commission shall consist of thirteen members as follows:
(a) The executive director of the Washington technology center, or
the director's designee, who shall serve as an ex officio member;
(b) One member from each of the two largest caucuses of the senate,
appointed by the president of the senate from members who serve on the
following standing committees or their successor committees: The
economic development and telecommunications committee and the health
and long-term care committee;
(c) One member from each of the two largest caucuses of the house
of representatives, appointed by the speaker of the house of
representatives from members who serve on the following standing
committees or their successor committees: The technology,
telecommunications, and energy committee; the trade and economic
development committee; and the health care committee;
(d) The presidents, or the presidents' designees, of the University
of Washington and Washington State University;
(e) The attorney general or the attorney general's designee; and
(f) Five members appointed by the governor, at least two of whom
are experts in commercializing the results of technology research.
Before making appointments, the governor shall solicit
recommendations for member candidates from state cancer research
facilities, statewide cancer research advocacy groups, statewide
biotechnology organizations, other sources familiar with experts in the
field of biomedical research, the telecommunications industry, the
energy industry, and other sources familiar with experts in the field
of telecommunications and energy. Members appointed by the governor
shall serve for a term of five years and shall continue to serve until
the member's successor is appointed. Vacancies shall be filled in the
same manner that the original appointments were made.
(3) The commission shall select a chair from among its members.
(4) Members of the commission, other than legislative members,
shall be reimbursed for travel expenses under RCW 43.03.050 and
43.03.060. Legislative members shall be reimbursed for travel expenses
under RCW 44.04.120.
NEW SECTION. Sec. 4 The purpose of the commission is to provide
advice and oversight of the grant program, including the development of
criteria for the award of contracts or grants to qualifying
universities, institutions, or individuals. The commission will make
decisions regarding distribution of these grant funds and will make
grant awards.
NEW SECTION. Sec. 5 (1) The commission shall periodically make
strategic assessments of the types of state investments in biomedical
research and biotechnology in this state that would likely create jobs
and business opportunities and produce the most beneficial long-term
improvements to the public health of the citizens of the state. One
area of focus for the commission shall be the biomedical research and
biotechnology proposals that address cancer and cancer-related
illnesses.
(2) The commission shall periodically make strategic assessments of
the types of state investments at any research institution of higher
education in Washington state in technology, telecommunications, and
energy research that would likely create jobs and business
opportunities and would make telecommunications technology and energy
technology more universally available, reliable, or affordable.
(3) The assessments shall be available to the public and shall be
used by the commission to guide its decisions on awarding grants.
NEW SECTION. Sec. 6 The commission shall establish a competitive
process for the award of grants and when appropriate shall provide for
peer review of proposals. Priority shall be given to proposals that
leverage additional private and public funding resources. Up to ten
percent of available funds from the biomedical research and technology
transfer account may be used to support a commercial development fund
to support commercialization opportunities for biomedical research in
Washington state.
NEW SECTION. Sec. 7 The grants program shall be reviewed
periodically. The commission shall establish performance benchmarks
against which the program will be evaluated.
NEW SECTION. Sec. 8 Not more than one percent of the available
funds may be used for administrative costs of the commission and the
implementation of its duties.
Sec. 9 RCW 43.79A.040 and 2002 c 322 s 5, 2002 c 204 s 7, and
2002 c 61 s 6 are each reenacted and amended to read as follows:
(1) Money in the treasurer's trust fund may be deposited, invested,
and reinvested by the state treasurer in accordance with RCW 43.84.080
in the same manner and to the same extent as if the money were in the
state treasury.
(2) All income received from investment of the treasurer's trust
fund shall be set aside in an account in the treasury trust fund to be
known as the investment income account.
(3) The investment income account may be utilized for the payment
of purchased banking services on behalf of treasurer's trust funds
including, but not limited to, depository, safekeeping, and
disbursement functions for the state treasurer or affected state
agencies. The investment income account is subject in all respects to
chapter 43.88 RCW, but no appropriation is required for payments to
financial institutions. Payments shall occur prior to distribution of
earnings set forth in subsection (4) of this section.
(4)(a) Monthly, the state treasurer shall distribute the earnings
credited to the investment income account to the state general fund
except under (b) and (c) of this subsection.
(b) The following accounts and funds shall receive their
proportionate share of earnings based upon each account's or fund's
average daily balance for the period: The Washington promise
scholarship account, the college savings program account, the
Washington advanced college tuition payment program account, the
agricultural local fund, the American Indian scholarship endowment
fund, the basic health plan self-insurance reserve account, the
Washington state combined fund drive account, the Washington
international exchange scholarship endowment fund, the developmental
disabilities endowment trust fund, the energy account, the fair fund,
the fruit and vegetable inspection account, the game farm alternative
account, the grain inspection revolving fund, the juvenile
accountability incentive account, the rural rehabilitation account, the
stadium and exhibition center account, the youth athletic facility
account, the self-insurance revolving fund, the sulfur dioxide
abatement account, ((and)) the children's trust fund, the biomedical
research and technology transfer account, and the investing in
innovation trust fund. However, the earnings to be distributed shall
first be reduced by the allocation to the state treasurer's service
fund pursuant to RCW 43.08.190.
(c) The following accounts and funds shall receive eighty percent
of their proportionate share of earnings based upon each account's or
fund's average daily balance for the period: The advanced right of way
revolving fund, the advanced environmental mitigation revolving
account, the city and county advance right-of-way revolving fund, the
federal narcotics asset forfeitures account, the high occupancy vehicle
account, the local rail service assistance account, and the
miscellaneous transportation programs account.
(5) In conformance with Article II, section 37 of the state
Constitution, no trust accounts or funds shall be allocated earnings
without the specific affirmative directive of this section.
NEW SECTION. Sec. 10 A new section is added to chapter 28B.20
RCW to read as follows:
The Washington technology center shall provide staff support for
the research and technology transfer commission.
NEW SECTION. Sec. 11 Sections 1 through 8 of this act constitute
a new chapter in Title 70 RCW.