Section 99.958

Title VII CITIES, TOWNS AND VILLAGES

Chapter 99

Effective - 07 Jul 2003, see footnote   

  99.958.  Endowment, Carnegie Research I University, private funds needed for one-half of endowment. — If a development plan includes an endowment of positions at an institution of higher education which has a designation as a Carnegie Research I University, including any campus of such university system, such endowment must first be funded with a private donation to the institution of higher education in accordance with its endowment policy in an amount of at least one-half of the total amount of the endowment.  Thereafter, the remaining portion of matching public for such endowment may be made either from the local economic activity taxes or from a disbursement made from the state supplemental downtown development fund.  Any disbursement from the state supplemental downtown development fund for purposes of funding an endowment pursuant to the provisions of this section shall be transferred to general revenue for appropriation of the endowment.

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(L. 2003 H.B. 289)

Effective 7-07-03