1. There shall be created by the board of directors a Wallace technology transfer foundation fund. The fund is composed of money appropriated by the general assembly for that purpose, and moneys available to and obtained or accepted by the board under this chapter, including money from the United States, other states in the union, foreign nations, state agencies, political subdivisions, and private sources, and moneys from fees charged under this chapter.
2. The fund shall be a revolving fund from which moneys may be used for purposes described in this chapter, including loans, grants, matching financing, and administrative costs. All interest earned on proceeds in the fund shall remain in the fund.
3. The foundation shall arrange, at least annually, for regular independent audits of the fund and shall submit a certified report relating to the condition of the fund to the governor and general assembly.
4. In administering the fund, the board may do all of the following:
a. Contract, sue and be sued, and adopt rules necessary to carry out the provisions of this section, but the board shall not in any manner, directly or indirectly pledge the credit of the state.
b. Authorize payment from the fund, from fees and from any income received by investment of money in the fund, for costs, commissions, attorney fees, and other reasonable expenses related to and necessary for making and protecting direct loans under this section, and for the recovery of moneys loaned or the management of property acquired in connection with the loans.
5. Section 8.33 shall not apply to moneys in the fund.
90 Acts, ch 1269, §6
C91, § 28.161
C93, § 15E.161
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