S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1381
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2017
                                ___________
 
 Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Commerce, Economic  Devel-
   opment and Small Business
 
 AN  ACT to amend the public authorities law, in relation to creating the
   New York state center for the expansion of nanoscale science and engi-
   neering

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Statement  of  legislative  findings and declaration. The
 legislature hereby recognizes that the continued growth and  development
 of  the  nanotechnology  industry is of vital importance to the economic
 well-being of the state and its citizens. The State  University  of  New
 York's  (SUNY) Polytechnic Institute (SUNY Polytechnic) is an innovative
 global  education,  research,  development  and  technology   deployment
 resource  that  has attracted more than $43 billion in high-tech invest-
 ments. Its location enables it to play a significant role in  the  revi-
 talization of upstate New York.
   The  legislature  also finds that strengthening the governance of this
 innovative hub would further serve the economic interest of the  upstate
 New  York  region  and the state as a whole. Currently SUNY Polytechnic,
 including its research and development initiatives, are overseen by  the
 17-member SUNY Board of Trustees and a council of 10 members. SUNY Poly-
 technic, however, is unlike any other state-operated institution because
 of  its  niche focus on high technology education and commercialization.
 Therefore, the legislature finds that  SUNY  Polytechnic  would  benefit
 from the establishment of a quasi-governmental entity that would utilize
 its flexible structure to focus on fostering the growth of nanotechnolo-
 gy research and development.
   § 2. Article 10-A of the public authorities law is amended by adding a
 new title 3 to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07455-01-7
              

 S. 1381                             2
 
                                  TITLE 3
     NEW YORK STATE CENTER FOR THE EXPANSION OF NANOSCALE SCIENCE AND
                                ENGINEERING
 SECTION 3170. DEFINITIONS.
         3171. CREATION; GOVERNANCE; BOARD OF DIRECTORS.
         3172. PURPOSE; POWERS; DUTIES.
         3173. CHIEF EXECUTIVE OFFICER AND SENIOR MANAGEMENT.
         3174. REGIONAL PARTNERSHIPS.
         3175. CONFLICTS OF INTEREST.
         3176. CONTRIBUTIONS TO THE CENTER.
         3177. EXEMPTION FROM TAXATION.
         3178. AUDIT AND ANNUAL REPORT.
   § 3170. DEFINITIONS. AS USED IN THIS TITLE:
   1.  "BOARD"  OR  "BOARD OF DIRECTORS" SHALL MEAN THE NINE MEMBER BOARD
 CREATED PURSUANT TO  SECTION  THIRTY-ONE  HUNDRED  SEVENTY-ONE  OF  THIS
 TITLE.
   2.  "CENTER"  OR  "CENTER  FOR  THE EXPANSION OF NANOSCALE SCIENCE AND
 ENGINEERING", SHALL MEAN THE ENTITY CREATED PURSUANT TO SECTION  THIRTY-
 ONE HUNDRED SEVENTY-ONE OF THIS TITLE.
   3.  "CEO" SHALL MEAN THE CHIEF EXECUTIVE OFFICER APPOINTED PURSUANT TO
 SECTION THIRTY-ONE HUNDRED SEVENTY-THREE OF THIS TITLE.
   4. "SUNY POLYTECHNIC" SHALL MEAN THE  STATE  UNIVERSITY  OF  NEW  YORK
 POLYTECHNIC INSTITUTE.
   §  3171.  CREATION;  GOVERNANCE;  BOARD  OF DIRECTORS. 1. CREATION AND
 GOVERNANCE. THERE IS HEREBY CREATED WITHIN THIS TITLE THE NEW YORK STATE
 CENTER FOR THE EXPANSION  OF  NANOSCALE  SCIENCE  AND  ENGINEERING.  THE
 CENTER  SHALL  BE GOVERNED AND ALL OF ITS POWERS EXERCISED BY A BOARD OF
 DIRECTORS, WHICH SHALL CONSIST OF NINE VOTING MEMBERS.
   2. BOARD OF DIRECTORS. THE BOARD SHALL BE APPOINTED AS  FOLLOWS:  FIVE
 DIRECTORS  SHALL  BE APPOINTED BY THE GOVERNOR, ONE OF WHOM SHALL BE THE
 CHIEF EXECUTIVE OFFICER OF SUNY POLYTECHNIC, ONE SHALL BE  APPOINTED  BY
 THE  TEMPORARY  PRESIDENT  OF  THE SENATE, ONE SHALL BE APPOINTED BY THE
 SPEAKER OF THE ASSEMBLY, ONE SHALL BE APPOINTED BY THE  MINORITY  LEADER
 OF  THE  SENATE AND ONE SHALL BE APPOINTED BY THE MINORITY LEADER OF THE
 ASSEMBLY. OF THE NINE MEMBERS APPOINTED, AT  LEAST  FOUR  MEMBERS  SHALL
 HAVE  SIGNIFICANT  EXPERIENCE  AND  HAVE  DEMONSTRATED LEADERSHIP IN THE
 PRIVATE SECTOR, INCLUDING, BUT NOT LIMITED TO, EXPERIENCE IN HIGH  TECH-
 NOLOGY  AND/OR  NANOTECHNOLOGY AND VENTURE CAPITAL. AT LEAST TWO MEMBERS
 SHALL HAVE SIGNIFICANT EXPERIENCE IN ACADEMIA  AND  RESEARCH,  INCLUDING
 TEACHING  AND RESEARCH IN THE FOLLOWING FIELDS: NANOSCIENCE, NANOBIOSCI-
 ENCE, NANOENGINEERING OR NANOECONOMICS. AT LEAST ONE MEMBER  SHALL  HAVE
 SIGNIFICANT EXPERIENCE AND LEADERSHIP IN GOVERNMENT, PARTICULARLY IN THE
 AREA OF ECONOMIC DEVELOPMENT. THE REMAINING TWO MEMBERS SHALL HAVE EXPE-
 RIENCE  IN  THE  PRIVATE  SECTOR, ACADEMIA, OR GOVERNMENT, PROVIDED THAT
 BOTH MEMBERS SHALL NOT HAVE EXPERIENCE IN THE SAME SECTOR. THE CHAIR  OF
 THE  BOARD  SHALL  BE  APPOINTED  BY THE GOVERNOR FROM AMONG THE PRIVATE
 SECTOR MEMBERS, UPON THE ADVICE AND CONSENT OF  THE  SENATE.  ALL  OTHER
 OFFICERS  OF  THE  BOARD  SHALL  BE  ELECTED FROM AMONG ITS MEMBERS BY A
 MAJORITY VOTE OF THE BOARD'S VOTING MEMBERS.
   3. MEETINGS OF THE BOARD. THE BOARD SHALL PROVIDE FOR THE  HOLDING  OF
 REGULAR AND SPECIAL MEETINGS. A MAJORITY OF VOTING MEMBERS SHALL CONSTI-
 TUTE  A  QUORUM FOR THE TRANSACTION OF ANY BUSINESS AND UNLESS A GREATER
 NUMBER IS REQUIRED BY THE BY-LAWS OF THE CENTER, THE ACTS OF THE MAJORI-
 TY OF THE VOTING MEMBERS PRESENT AT A MEETING AT WHICH QUORUM IS PRESENT
 SHALL BE DEEMED TO BE ACTS OF THE BOARD.

 S. 1381                             3
 
   4. BY-LAWS. THE BOARD SHALL ADOPT BY-LAWS FOR THE FOUNDATION  AND  MAY
 APPOINT  SUCH  OFFICERS  AND EMPLOYEES AS IT DEEMS NECESSARY AND MAY FIX
 THEIR COMPENSATION AND PRESCRIBE THEIR DUTIES.
   5. COMPENSATION. BOARD MEMBERS SHALL RECEIVE NO COMPENSATION FOR THEIR
 SERVICES  BUT SHALL BE REIMBURSED FOR THEIR EXPENSES ACTUALLY AND NECES-
 SARILY INCURRED BY THEM IN THE PERFORMANCE OF THEIR  DUTIES  UNDER  THIS
 TITLE.  NO  BOARD  MEMBER  SHALL BE DISQUALIFIED FROM HOLDING ANY PUBLIC
 EMPLOYMENT, NOR SHALL HE OR SHE FORFEIT ANY SUCH EMPLOYMENT BY REASON OF
 THEIR APPOINTMENT HEREUNDER NOTWITHSTANDING THE PROVISIONS OF ANY GENER-
 AL, SPECIAL OR LOCAL LAW, ORDINANCE OR CITY CHARTER.
   6. RULES AND REGULATIONS. THE CENTER SHALL PROMULGATE SUCH  RULES  AND
 REGULATIONS AS NECESSARY TO CARRY OUT THE PROVISIONS OF THIS TITLE.
   §  3172. PURPOSE; POWERS; DUTIES. 1. PURPOSE. THE CENTER IS CREATED TO
 FULFILL THE PUBLIC PURPOSES OF  FURTHERING  JOB  CREATION  AND  ECONOMIC
 GROWTH AND ADVANCES IN THE FIELD OF NANOTECHNOLOGY AND TO FACILITATE THE
 COMMERCIALIZATION OF NANOSCIENTIFIC INNOVATIONS IN THE STATE. THE CENTER
 IS  AUTHORIZED  AND DIRECTED TO PREPARE A STRATEGIC PLAN AND PROVIDE FOR
 THE IMPLEMENTATION OF PROGRAMS TO: (A) WORK  WITH  SUNY  POLYTECHNIC  TO
 FURTHER  ENCOURAGE  CUTTING-EDGE ACADEMIC RESEARCH IN THE FIELD OF NANO-
 TECHNOLOGY; (B) FACILITATE JOB GROWTH  AND  BUSINESS  EXPANSION  IN  THE
 FIELD  OF  NANOTECHNOLOGY; AND (C) MANAGE AND SUPPORT THE DEVELOPMENT OF
 PARTNERSHIPS AMONG ACADEMIA, GOVERNMENT AND INDUSTRY TO FURTHER  ADVANCE
 THE FIELD OF NANOTECHNOLOGY IN THE STATE AND ITS VARIOUS REGIONS.
   2.  POWERS.  THE  CENTER SHALL HAVE THE POWER: (A) TO SUE AND BE SUED;
 (B) TO HAVE A SEAL AND ALTER THE SAME AT ITS PLEASURE; (C)  TO  ACQUIRE,
 HOLD AND DISPOSE OF PERSONAL PROPERTY FOR ITS CORPORATE PURPOSES; (D) TO
 ENTER INTO CONTRACTS WITH THE STATE, POLITICAL SUBDIVISIONS OR ANY AGEN-
 CY  OR  INSTRUMENTALITY THEREOF, OR ANY PERSON, FIRM OR CORPORATION; (E)
 TO ACCEPT GIFTS, FUNDS, PROPERTY OR  SERVICES  FROM  PUBLIC  OR  PRIVATE
 SOURCES  IN  FURTHERANCE  OF ITS CORPORATE PURPOSES; (F) TO ADOPT, AMEND
 AND REPEAL BY-LAWS FOR THE MANAGEMENT AND REGULATION OF ITS AFFAIRS; AND
 (G) TO DO ANY AND ALL OTHER THINGS NECESSARY OR CONVENIENT TO CARRY  OUT
 ITS  PURPOSES  AND  EFFECTIVELY  IMPLEMENT THE PROVISIONS OF THIS TITLE,
 PROVIDED HOWEVER THAT THE CENTER SHALL HAVE NO AUTHORITY TO ISSUE  BONDS
 OR NOTES.
   3.  DUTIES.  THE CENTER SHALL HAVE ALL OF THE FOLLOWING DUTIES: (A) TO
 ADOPT BY-LAWS, GUIDELINES AND REGULATIONS AS IT DEEMS NECESSARY TO OVER-
 SEE THE PROGRAMS AS DEFINED IN  THIS  TITLE;  (B)  TO  CONTRACT  AND  TO
 EXECUTE  INSTRUMENTS  NECESSARY  OR CONVENIENT FOR THE CONDUCTING OF ITS
 BUSINESS; (C) TO ACCEPT FUNDS FROM ALL AVAILABLE SOURCES; (D) TO ENCOUR-
 AGE AND COORDINATE PROGRAMS AND INVESTMENTS WHICH ADVANCE  THE  COMPETI-
 TIVENESS  OF  NEW  YORK  BUSINESSES  IN  THE  GLOBAL ECONOMY THROUGH THE
 PROMOTION OF NANOTECHNOLOGY, INNOVATION AND COMMERCIALIZATION THROUGHOUT
 THE STATE'S REGIONS; (E) TO  DEVELOP  POLICIES  AND  IMPLEMENT  PROGRAMS
 WHICH PROMOTE AN ENTREPRENEURIAL BUSINESS ENVIRONMENT, ADVANCE NANOTECH-
 NOLOGY  AND  ENCOURAGE  THE DEVELOPMENT OF AN INNOVATIVE AND COMPETITIVE
 WORKFORCE; (F) TO COORDINATE AND ADVANCE STATEWIDE AND  REGIONAL  INITI-
 ATIVES  TO  MARKET  NANOTECHNOLOGY BUSINESSES IN THE STATE, AND RESEARCH
 ACTIVITIES RELATED TO ECONOMIC DEVELOPMENT AND OPPORTUNITIES AT ACADEMIC
 AND RESEARCH INSTITUTIONS AND COMMUNITY-BASED AND  ECONOMIC  DEVELOPMENT
 INITIATIVES  WITHIN  THE  STATE  AND  AT  THE NATIONAL AND INTERNATIONAL
 LEVEL; (G) TO ASSIST EFFORTS TO IDENTIFY  AND  PURSUE  FUNDING  OPPORTU-
 NITIES  FROM  THE  FEDERAL  GOVERNMENT  AND OTHER SOURCES AND COORDINATE
 PROGRAMS TO PROVIDE FUNDING TO LEVERAGE SUCH GRANTS AND AWARDS; AND  (H)
 TO ESTABLISH AND REQUIRE AUDITS, DISCLOSURES AND OTHER REVIEW PROCEDURES
 FOR ALL ACTIVITIES FUNDED BY THE CENTER.

 S. 1381                             4
 
   §  3173.  CHIEF EXECUTIVE OFFICER AND SENIOR MANAGEMENT. THE DIRECTORS
 SHALL APPOINT A CHIEF EXECUTIVE OFFICER AND SENIOR MANAGEMENT  TEAM  AND
 PRESCRIBE THE DUTIES AND COMPENSATION OF THE CEO AND SUCH MEMBERS OF THE
 SENIOR  MANAGEMENT  TEAM.  THE  CEO SHALL BE RESPONSIBLE FOR, SUBJECT TO
 BOARD OVERSIGHT AND APPROVAL, SETTING THE STRATEGIC VISION OF THE CENTER
 AND  PURSUANT TO THIS SECTION, FACILITATING STATEWIDE AND REGIONAL PART-
 NERSHIPS, AS WELL AS ALL  OTHER  STRATEGIC  INITIATIVES  IMPLEMENTED  IN
 FURTHERANCE  OF  THE  PURPOSE  OF THE CENTER. THE APPOINTMENT OF THE CEO
 SHALL BE MADE NO LATER THAN SIXTY DAYS AFTER THE FIRST OFFICIAL  MEETING
 OF THE BOARD.
   §  3174.  REGIONAL PARTNERSHIPS. 1. ESTABLISHMENT OF PARTNERSHIPS. THE
 CEO SHALL SEEK TO FACILITATE THE ESTABLISHMENT OF PARTNERSHIPS IN  VARI-
 OUS  REGIONS  OF THE STATE IN FURTHERANCE OF THE PURPOSES OF THE CENTER.
 THE PURPOSE OF SUCH PARTNERSHIPS SHALL BE TO  ADVANCE  ECONOMIC  GROWTH,
 BUSINESS  CREATION AND EXPANSION, JOB OPPORTUNITIES AND WORKFORCE DEVEL-
 OPMENT IN THE STATE. THE CEO IS AUTHORIZED, WITHIN FUNDS  AVAILABLE,  TO
 PROVIDE REGIONAL ECONOMIC ASSISTANCE TO CERTIFIED PARTNERSHIPS.
   2.  CERTIFICATION OF PARTNERSHIPS. THE CENTER SHALL BE RESPONSIBLE FOR
 THE CERTIFICATION OF ANY AND ALL  REGIONAL  PARTNERSHIPS.  SUCH  CERTIF-
 ICATION  SHALL  LAST  FOR A PERIOD AS DETERMINED BY THE CENTER. PARTNER-
 SHIPS SHALL BE COMPRISED OF LOCAL  ECONOMIC  DEVELOPMENT  ORGANIZATIONS,
 PRIVATE  INDUSTRY,  AND  TO THE EXTENT ITS FACILITIES ARE LOCATED IN THE
 REGION, SUNY POLYTECHNIC. IN REGIONS OF THE STATE WHERE SUNY POLYTECHNIC
 FACILITIES ARE NOT PRESENT, THE CENTER SHALL SEEK  TO  CERTIFY  PARTNER-
 SHIPS  WITH  SUNY POLYTECHNIC, WHEREBY THE PRESENCE OF SUCH PARTNERSHIPS
 CAN ENHANCE ECONOMIC GROWTH IN THE REGION.  BEFORE  ANY  PARTNERSHIP  IS
 CERTIFIED BY THE CENTER, THE CENTER SHALL APPROVE WRITTEN GUIDELINES FOR
 THE  PARTNERSHIP,  WHICH  SHALL  REQUIRE THE SUBMISSION OF A PARTNERSHIP
 PLAN PURSUANT TO SUBDIVISION THREE OF THIS SECTION.
   3. PARTNERSHIP PLANS. EACH PARTNERSHIP SEEKING CERTIFICATION  PURSUANT
 TO  SUBDIVISION  TWO  OF  THIS SECTION SHALL SUBMIT A PLAN TO THE CENTER
 WITHIN THIRTY DAYS OF THE ISSUANCE OF A REQUEST FOR PROPOSALS. SUCH PLAN
 SHALL INCLUDE SUCH DETAIL AS REQUESTED BY THE CENTER. FOR THOSE PARTNER-
 SHIPS IN REGIONS WHERE A SUNY POLYTECHNIC FACILITY IS NOT  PRESENT,  THE
 PLAN  SHALL  INCLUDE AN ANALYSIS OF HOW THE REGION MIGHT BENEFIT ECONOM-
 ICALLY FROM THE CONSTRUCTION OF A SUNY POLYTECHNIC FACILITY, AS WELL  AS
 THE PROJECTED COSTS OF CONSTRUCTION.
   4.  CONTINUATION  OF  CERTIFICATION.  (A) THE CENTER SHALL ESTABLISH A
 PROCESS BY WHICH EACH PARTNERSHIP MAY  CONTINUE  ITS  CERTIFICATION.  TO
 CONTINUE  TO  BE  CERTIFIED, A PARTNERSHIP SHALL PERFORM SEVERAL DUTIES,
 WHICH SHALL INCLUDE, BUT NOT BE LIMITED TO:
   (I) SERVING AS THE  STATE'S  KEY  REGIONAL  PARTNERS  IN  IDENTIFYING,
 DEVELOPING,  ADAPTING  AND  IMPLEMENTING  NANOTECHNOLOGY  AND INNOVATIVE
 STRATEGIES TO ENABLE THE GROWTH  AND  COMPETITIVENESS  OF  EXISTING  AND
 EMERGING  COMPANIES THROUGH PROCESS IMPROVEMENT, TECHNOLOGY DEVELOPMENT,
 COMMERCIALIZATION AND PRODUCTION;
   (II) ACTING AS REGIONAL FACILITATORS FOR COLLABORATIONS, PROGRAMS  AND
 INITIATIVES BY AND AMONG THE CENTER, NANOTECHNOLOGY ENTERPRISES, ECONOM-
 IC DEVELOPMENT ORGANIZATIONS, THE CORPORATE COMMUNITY, ACADEMIC RESEARCH
 INSTITUTIONS  (INCLUDING  BUT  NOT LIMITED TO SUNY POLYTECHNIC), GOVERN-
 MENT, WORKFORCE DEVELOPMENT ORGANIZATIONS, AND OTHER  INTERESTS  WORKING
 COLLECTIVELY  TO ADVANCE ECONOMIC GROWTH. EACH PARTNERSHIP SHOULD STRESS
 THE USE OF INFORMATION TECHNOLOGY AS A  NECESSARY  MEANS  TO  LINK  SUCH
 ENTITIES TOGETHER IN A COHESIVE AND EFFECTIVE MANNER;

 S. 1381                             5
 
   (III)  DIRECTLY  PROVIDING  AND  SERVING  AS  A CONDUIT TO CAPITAL FOR
 EXISTING AND EMERGING COMPANIES INVOLVED IN THE DEVELOPMENT, COMMERCIAL-
 IZATION AND PRODUCTION OF INNOVATIVE PRODUCTS AND PROCESSES;
   (IV)  DEVELOPING  AND PROVIDING SUPPORT TO BUSINESS INCUBATION FACILI-
 TIES AND ENCOURAGING THE DEVELOPMENT OF TECHNOLOGY BUSINESS IN  OR  NEAR
 RESEARCH ACADEMIC INSTITUTIONS;
   (B)  EACH PARTNERSHIP SHALL ENCOURAGE BUSINESS MENTORING OPPORTUNITIES
 TO EMERGING COMPANIES IN ORDER TO PROVIDE RESOURCES AND  INDUSTRY  KNOW-
 LEDGE TO CREATE OPPORTUNITIES FOR GROWTH.
   5.  APPROPRIATIONS.  ALL  STATE FUNDING ASSOCIATED WITH THE OPERATIONS
 AND PROGRAMS OF THE REGIONAL PARTNERSHIPS SHALL BE APPROPRIATED  TO  THE
 CENTER  FOR  ALLOCATION  TO  EACH OF THE PARTNERSHIPS AND SUCH APPROPRI-
 ATIONS SHALL BE SEPARATE AND DISTINCT FROM OTHER APPROPRIATIONS FOR  THE
 CENTER.  ALL  ALLOCATIONS AND DISBURSEMENTS OF THE CENTER FUNDS SHALL BE
 AUTHORIZED AND DISBURSED BY A PARTNERSHIP, PURSUANT TO RULES  AND  REGU-
 LATIONS ESTABLISHED BY THE CENTER.
   6.  REPORTING  REQUIREMENTS. EACH PARTNERSHIP SHALL ANNUALLY REPORT TO
 THE CENTER ON ITS ACTIVITIES. SUCH REPORT SHALL CONSIST  OF  INFORMATION
 AS REQUESTED BY THE CENTER.
   § 3175. CONFLICTS OF INTEREST. ELIGIBILITY FOR APPOINTMENT AS A DIREC-
 TOR,  OFFICER  OR  EMPLOYEE  OF  THE  CENTER  SHALL  BE  SUBJECT  TO THE
 PROVISIONS OF SECTION TWENTY-EIGHT HUNDRED TWENTY-FIVE OF THIS  CHAPTER.
 IN  ADDITION TO THE REQUIREMENTS OF SUCH SECTION, IF ANY DIRECTOR, OFFI-
 CER OR EMPLOYEE OF THE CENTER SHALL HAVE AN INTEREST, EITHER  DIRECT  OR
 INDIRECT, IN ANY CONTRACT TO WHICH THE CENTER IS OR IS TO BE PARTY, SUCH
 INTEREST  SHALL  BE  DISCLOSED TO THE CENTER IN WRITING AND SHALL BE SET
 FORTH IN THE MINUTES OF THE CENTER. THE DIRECTOR,  OFFICER  OR  EMPLOYEE
 HAVING SUCH INTEREST SHALL NOT PARTICIPATE IN ANY ACTION BY THE AUTHORI-
 TY WITH RESPECT TO SUCH CONTRACT.
   § 3176. CONTRIBUTIONS TO THE CENTER. NOTWITHSTANDING THE PROVISIONS OF
 ANY  GENERAL  OR  SPECIAL  LAW  OR  THE PROVISIONS OF ANY CERTIFICATE OF
 INCORPORATIONS, CHARTER OR OTHER ARTICLES OF  ORGANIZATION,  ANY  CORPO-
 RATION, ASSOCIATION OR PERSON IS HEREBY AUTHORIZED TO MAKE CONTRIBUTIONS
 TO THE CENTER IN FURTHERANCE OF ITS PURPOSE AS STATED IN SUBDIVISION ONE
 OF SECTION THIRTY-ONE HUNDRED SEVENTY-TWO OF THIS TITLE.
   §  3177.  EXEMPTION FROM TAXATION. THE PROPERTY, INCOME AND ACTIVITIES
 OF THE CORPORATION SHALL BE EXEMPT FROM ALL TAXES, FEES AND ASSESSMENTS.
   § 3178. AUDIT AND ANNUAL REPORT. 1. AUDIT. THE ACCOUNTS OF THE  CENTER
 SHALL  BE  SUBJECT  TO  THE SUPERVISION OF THE COMPTROLLER AND AN ANNUAL
 AUDIT SHALL BE PERFORMED BY AN INDEPENDENT CERTIFIED  PUBLIC  ACCOUNTANT
 SELECTED  BY  THE  BOARD  AND  SHALL  BE MADE AVAILABLE TO THE GOVERNOR,
 LEGISLATURE AND GENERAL PUBLIC.
   2. ANNUAL REPORT. THE CENTER SHALL SUBMIT AN ANNUAL  REPORT  BY  APRIL
 FIRST OF EACH YEAR TO THE GOVERNOR, THE SPEAKER OF THE ASSEMBLY, AND THE
 TEMPORARY PRESIDENT OF THE SENATE ON ITS OPERATIONS AND ACCOMPLISHMENTS,
 INCLUDING  THE  ACCOMPLISHMENTS  OF ITS CERTIFIED REGIONAL PARTNERSHIPS.
 SUCH REPORT SHALL PROVIDE, BUT NOT BE LIMITED  TO,  INFORMATION  ON  THE
 ECONOMIC IMPACT OF THE CENTER AS MEASURED BY:
   (A) THE TOTAL NUMBER OF JOBS CREATED AND RETAINED, WHETHER DIRECTLY OR
 INDIRECTLY,  THROUGH  FUNDING,  PROGRAMS  AND  SERVICES  PROVIDED BY THE
 CENTER;
   (B) THE NUMBER OF START-UP BUSINESSES CREATED AND EXISTING  BUSINESSES
 ASSISTED;
   (C)  THE  LEVERAGING  OF  NON-STATE FUNDS, PARTICULARLY PRIVATE FUNDS,
 WHICH SHALL INCLUDE A QUANTIFICATION OF THE AMOUNT  OF  VENTURE  CAPITAL
 INVESTED AS A RESULT OF THE CENTER'S STRATEGIC INITIATIVES; AND

 S. 1381                             6
 
   (D)  THE ACTUAL OR ANTICIPATED INVENTION, DEVELOPMENT OR REFINEMENT OF
 NEW PRODUCTS AND PROCESSES WITH COMMERCIAL APPLICATION OF IMPORTANCE  TO
 THE INDUSTRIES IN THE STATE.
   §  3.  This  act shall take effect on the ninetieth day after it shall
 have become a law.