173.545. Higher education applied projects fund established--administration--report--funds allocated by department of economic development, requirements.

MISSOURI STATUTES AND CODES

173.545. Higher education applied projects fund established--administration--report--funds allocated by department of economic development, requirements.

Higher education applied projects fundestablished--administration--report--funds allocated bydepartment of economic development, requirements.

173.545. 1. There is hereby created the "Higher Education AppliedProjects Fund" which shall be administered by the department of economicdevelopment and which shall contain such moneys as are appropriated to it bythe general assembly. Moneys in the applied projects fund shall be keptseparate from all other funds of the department and shall be expended for thepurposes specified in sections 173.500 and 173.545 to 173.565, and for noother purpose. The department shall establish procedures to ensureaccountability for the applied projects fund and shall submit an annual reportand such information as the governor may require concerning the activity ofthe applied projects fund.

2. Fifty percent of the funds annually allocated by the department ofeconomic development to defray the expenses associated with applied projectsshall be directed to projects which are intended to produce a positiveeconomic impact, in such areas as value-added manufacturing andagriprocessing, upon rural communities as defined in section 620.160, RSMo.