Iowa Code 15.412 – Innovation and commercialization development fund
Current as of: 2023 | Check for updates
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1. a. An innovation and commercialization development fund is created in the state treasury under the control of the authority. The fund shall consist of moneys appropriated to the authority and any other moneys available to, obtained, or accepted by the authority for placement in the fund.
b. Payments of interest, repayments of moneys loaned pursuant to this section, and recaptures of financial assistance shall be credited to the fund. Moneys in the fund are not subject to section 8.33. Notwithstanding section 12C.7, interest or earnings on moneys in the fund shall be credited to the fund.
Terms Used In Iowa Code 15.412
- Authority: means the economic development authority created in section 15. See Iowa Code 15.102
- Board: means the members of the authority appointed by the governor and in whom the powers of the authority are vested pursuant to section 15. See Iowa Code 15.102
- Financial assistance: means assistance provided only from the funds, rights, and assets legally available to the authority and includes but is not limited to assistance in the form of grants, loans, forgivable loans, and royalty payments. See Iowa Code 15.102
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. Moneys in the fund are appropriated to the authority and, with the approval of the board, shall be used to facilitate agreements, enhance commercialization, and increase the availability of skilled workers in innovative businesses. Such moneys shall not be used for the support of retail businesses, health care businesses, or other businesses requiring a professional license.
3. Moneys in the fund may also be used for the following purposes:
a. For assistance to entities providing student internship opportunities.
b. For assistance to entities engaged in prototype and concept development activities.
c. For developing a statewide commercialization network.
d. For establishing and administering the programs described in section 15.411.