Providing for investment by regents institutions in certified innovation funds and including effective date provisions. Vetoed 6-2-26

The bill authorizes the state board of regents (board) to grant an institution a one-year waiver from the requirements of the bill if adequate innovation fund capacity is not available or market conditions would materially impair prudent investment.5 percent of the moneys appropriated to the institution through the board in the fiscal year until the institution becomes fully compliant. The bill requires each institution to submit an annual report to the board with specified content on investments under the bill and requires the board to submit a consolidated report to the general assembly by December of each year. The bill requires innovation funds receiving investment under the bill to support the commercialization of institution technologies, spinouts, or research-derived innovations and report such efforts through existing reporting and compliance obligations. The bill requires the economic development authority to maintain a public list of all innovation funds eligible for investment by an institution and notify the board of any changes to the list. The bill includes standards for implementation and construction of the bill relating to donor intent and other matters. The bill takes effect upon enactment.