50-501 Natural Resources Committee of the Legislature; development of statewide strategic plan for biotechnology; contents; Biotechnology Development Cash Fund; created; use; investment. - Nebraska Statutes

50-501. Natural Resources Committee of theLegislature; development of statewide strategic plan for biotechnology; contents;Biotechnology Development Cash Fund; created; use; investment.(1) The Legislature recognizes the importance of biotechnology and therole that biotechnology plays in the economic well-being of the State of Nebraska.The Natural Resources Committee of the Legislature shall be responsible forthe development of a statewide strategic plan for biotechnology in Nebraska.The plan shall include a baseline review and assessment of the potential inthe biotechnology economy in Nebraska and a strategic plan for the state'sefforts in creating wealth and jobs in the biotechnology economy. The planshall address strategies for developing the biotechnology economy and shallinclude, but not be limited to, research, testing, agricultural feedstockand chemicals, drugs and other pharmaceuticals, medical materials, medicallaboratories, and advanced biofuels. The plan shall estimate the wealth andthe number of jobs that may be generated from expanding the biotechnologyeconomy.(2) The Natural Resources Committee of the Legislature, in consultationwith the Executive Board of the Legislature, shall commission a nonprofitcorporation to provide research, analysis, and recommendations to the committeefor the development of the plan. The nonprofit corporation shall be incorporatedpursuant to the Nebraska Nonprofit Corporation Act, shall be organized exclusivelyfor nonprofit purposes within the meaning of section 501(c)(6) of the InternalRevenue Code as defined in section 49-801.01, shall be engaged in activitiesto facilitate and promote the growth of life sciences within Nebraska, shallbe dedicated to the development and growth of the biotechnology economy, andshall agree to remit one hundred thousand dollars to the State Treasurer forcredit to the Biotechnology Development Cash Fund for the research requiredby this section. The nonprofit corporation shall retain such consultationservices as required for assistance in providing research, analysis, and recommendations.The nonprofit corporation shall present its research, analysis, and recommendationsto the committee by September 30, 2010.(3) The Natural Resources Committee shall prepare and present to theLegislature a statewide strategic plan for biotechnology during the One HundredSecond Legislature, First Session, for consideration by the Legislature. Thecommittee shall prepare annual updates to the plan for consideration by theLegislature.(4) The Biotechnology Development Cash Fund is created. The NaturalResources Committee shall use money in the fund to commission the nonprofitcorporation and provide access to resources necessary for developing the plan.The fund may receive gifts, bequests, grants, or other contributions or donationsfrom public or private entities. Within five days after the State Treasurerreceives one hundred thousand dollars from the nonprofit corporation for creditto the fund, the State Treasurer shall transfer one hundred thousand dollarsfrom the General Fund to the Biotechnology Development Cash Fund. It is theintent of the Legislature to appropriate two hundred thousand dollars to thefund for fiscal year 2009-10. Any money in the fund available for investmentshall be invested by the state investment officer pursuant to the NebraskaCapital Expansion Act and the Nebraska State Funds Investment Act.(5) For purposes of this section:(a) Biotechnology means the technological application that uses biologicalsystems, living organisms, or derivatives of biological systems or livingorganisms to make or modify products or processes for specific use; and(b) Biotechnology economy means economic activity derived from scientificand research activity focused on understanding mechanisms and processes atthe genetic and molecular levels and the application of the mechanisms andprocesses to industrial processes. SourceLaws 2009, LB246, § 1; Laws 2010, LB911, § 1. Cross ReferencesNebraska Capital Expansion Act, see section 72-1269.Nebraska Nonprofit Corporation Act, see section 21-1901.Nebraska State Funds Investment Act, see section 72-1260.