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 La. Const. Art. VII, § 9(B) 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.

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