1. Administration of fund. The Board of Trustees of the University of Maine System shall administer the fund. The board may utilize the assets of the fund to carry out and effectuate the purposes, duties and responsibilities of this chapter, including, but not limited to:
A. Taking actions in partnership with private enterprise, the Federal Government and private and public research institutions to:

(1) Invest in applied research and development in the target areas within the University of Maine System; and
(2) Support the development of private enterprise based upon research and development performed within the University of Maine System; [PL 1997, c. 683, Pt. A, §4 (RPR).]
B. Receiving money from any public or private source to augment state contributions to the fund; [PL 1997, c. 683, Pt. A, §4 (RPR).]
C. Approving an annual budget for the fund and investing and expending money from within the fund; [PL 1997, c. 683, Pt. A, §4 (RPR).]
D. Contracting with public entities as necessary to further the directives of this section; [PL 1997, c. 683, Pt. A, §4 (RPR).]
E. Carrying forward any unexpended state appropriations into succeeding fiscal years; [PL 1997, c. 683, Pt. A, §4 (RPR).]
F. Providing an annual report to the Governor and the Legislature by January 1st of each regular session of the Legislature setting forth:

(1) The operations of the fund during the fiscal year;
(2) The assets and liabilities of the fund at the end of its most recent fiscal year;
(3) The annual measurable goals and objectives of the fund, as established by the board, and an assessment of the achievement of those goals and objectives. The goals and objectives must include, but may not be limited to, education, research and development; and
(4) A summary of the research and development projects that have been funded pursuant to paragraph H, including any external funding sources that have been leveraged as a result of these awards; [PL 2011, c. 698, §1 (AMD).]
G. Protecting all intellectual property in accordance with the “University of Maine System Statement of Policy Governing Patents and Copyrights,” including, but not limited to, proprietary information contained in proposals, grants, contracts or other legal agreements. Publication of information may be reasonably delayed until appropriate measures have been taken to protect the intellectual property; and [PL 2011, c. 698, §2 (AMD).]
H. Apportioning a minimum percentage of the annual disbursements from the fund among the University of Maine at Augusta, the University of Maine at Farmington, the University of Maine at Fort Kent, the University of Maine at Machias, the University of Maine at Presque Isle and the Maine Maritime Academy to support research and development as follows: beginning July 1, 2013 a minimum of 2.5% and beginning July 1, 2015 a minimum of 3%. [PL 2013, c. 225, §2 (AMD).]

[PL 2013, c. 225, §2 (AMD).]

SECTION HISTORY

PL 1997, c. 556, §3 (NEW). PL 1997, c. 683, §A4 (RPR). PL 1999, c. 401, §AAA5 (AMD). PL 2011, c. 698, §§1-3 (AMD). PL 2013, c. 225, §2 (AMD).

Terms Used In Maine Revised Statutes Title 10 Sec. 948

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fund: means the Maine Economic Improvement Fund. See Maine Revised Statutes Title 10 Sec. 947
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Research and development: means applied scientific research and related commercial development conducted by the University of Maine System, its member institutions and its employees and students in the target areas. See Maine Revised Statutes Title 10 Sec. 947
  • Target areas: means the targeted technologies identified in Title 5, chapter 407 for which applied research and development is considered most likely to produce significant benefits to the people and economy of the State. See Maine Revised Statutes Title 10 Sec. 947
  • Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
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