(a) In order to obtain moneys from the Arkansas Research Matching Fund:
(1) A college or university may provide the Arkansas Economic Development Commission with the research grant proposal for federal funds submitted with a letter of intent to apply for a match to one (1) of the funding agencies identified in § 15-3-205;
(2)
(A) A college or university shall apply to the commission for a match from this fund in writing within two (2) weeks of the notice of an award of federal funds from one (1) of the funding agencies identified in § 15-3-205.
(B) In addition to the grant proposal submitted to the federal agency, the application shall include an approved budget and an official notice of the grant award from the federal funding agency; and
(3) A college or university shall adhere to the rules and regulations that may be promulgated by the commission for administration of this fund.
(b)
(1) Upon receipt of an application for matching funds to match federal funds from one (1) of the funding agencies identified in § 15-3-205, the commission, with the advice of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission, shall determine the eligibility for matching funds based on a finding that the proposed research is in fields having long-term economic or commercial value to the state and which have been identified in the research and development plan approved by the Executive Director of the Arkansas Economic Development Commission.
(2) The commission shall promptly review applications for matching funds for consistency with this subchapter.
(3) The commission shall ensure that no commitments for matching funds shall be made in excess of funds available for any given year and may review and approve those applications that have:
(A) Provided the information on the application for matching funds in accordance with the provisions of this subchapter;
(B) Included an official notice of award of a research grant from one (1) of the funding agencies identified in § 15-3-205; and
(C) Filed a proposal for federal funding consistent with the types of research authorized by this subchapter.
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