SB1: AN ACT relating to the endowed research fund and making an appropriation therefor.

Legislative Summary

Creates a new section of KRS Chapter 164 to establish the endowed research fund to be administered by the Council on Postsecondary Education (CPE) for the purposes of funding research consortiums between two or more public universities; provides that the fund shall consist of appropriations, federal funds, and other proceeds made available to the fund; provides that the funds shall not lapse; provides that there shall be five consortium accounts within the fund that shall each be assigned to a unique research consortium selected by CPE; provides that CPE shall solicit, accept, and review applications from research consortiums between two or more public universities to determine five research consortiums eligible to receive seed funding for a term of five years; creates a review process to determine eligibility for funding through the fund; directs CPE to fill vacancies when a research consortium is no longer eligible to receive funding through the fund; directs CPE to promulgate administrative regulations to administer this section; and directs CPE to select the Kentucky Spinal Cord and Head Injury Research Trust as one of the initial five research consortiums by February 1, 2025; APPROPRIATION.