(1) The Bioscience Innovation Cash Fund is created. The fund shall be administered by the department to provide financial assistance to bioscience-related businesses applying for financial assistance under the Business Innovation Act. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.

(2) The State Treasurer shall credit to the fund such money as is (a) transferred to the fund by the Legislature, (b) paid to the state as fees, deposits, payments, and repayments relating to the fund, both principal and interest, (c) donated as gifts, bequests, or other contributions to such fund from public or private entities, (d) made available by any department or agency of the United States if so directed by such department or agency, and (e) beginning October 1, 2017, received by the department as repayments of loans from the Nebraska Progress Loan Fund as authorized by the federal State Small Business Credit Initiative Act of 2010, 12 U.S.C. § 5701 et seq., as such act existed on January 1, 2017.

(3) Money in the fund shall be expended by the department for the purpose of carrying out the Bioscience Innovation Program.

(4) Up to five percent of the fund may be used by the department for administrative expenses.

(5) The fund shall terminate on exhaustion of its funds following receipt of the final loan repayment provided for in subdivision (2)(b) of this section.