SECTION 1.  To provide for a program to support scientific and technology research and development in the state that helps to enhance economic development and job growth throughout the state, and promote the well-being of those living in the state, the sum set forth in section 2, for the several purposes and subject to the conditions specified in this act, are hereby made available, subject to the laws regulating the disbursement of public funds, which sum shall be in addition to any amounts previously appropriated for these purposes.

SECTION 2. 

XXXX-XXXX  For the Scientific and Technology Research and Development Matching Grant Fund

                      established in section 3 of this act …………………………………   $100,000,000

SECTION 3.  Chapter 40J of the General Laws, as appearing in the 2008 Official Edition, is hereby amended by inserting after section 4F the following new section:-

     Section 4G.  (a)  The general court finds that scientific and technology research and development conducted at higher education institutions and non-profit research institutions in the state is vital to identifying and developing new knowledge that leads to innovations that drive the state’s economy, promote economic development and job growth opportunities throughout the diverse regions of the state, improve the quality of life for those living in the state and throughout the world, and help strengthen the state’s global competitiveness.     

     (b)  In order to assist in fostering additional scientific and technology research and development in the state, there is hereby established a fund to be known as the Scientific and Technology Research and Development Matching Grant Fund, hereinafter referred to as the “matching grant fund”, to which shall be credited the proceeds of bonds or notes of the commonwealth issued for the purpose, and any appropriations designated by the general court to be credited thereto.  The matching grant fund shall be administered by the corporation.  The corporation shall hold the matching grant fund in an account or accounts separate from other funds of the corporation.  The purpose of the matching grant fund is to provide matching funds for capital expenditures to be made in connection with projects which are sponsored by the University of Massachusetts, research universities, or non-profit research institutions in the state for scientific or technology research and development and funded in part by the federal government, or other public or private funds including, but not limited to, venture capital; provided, that any grant awarded in accordance with this section shall leverage at least $3 for each dollar granted; provided further, that prior to awarding any grant under this section the corporation shall determine that the grant will advance the finding contained in paragraph (a); provided further, that priority shall be given to large-scale, long-term research and development activities that have the greatest potential to support scientific and technological innovation and stimulate economic and employment opportunities in the state; and provided, further that at least fifty percent of the grant funds under this section shall be reserved for award, subject to qualification, to the University of Massachusetts.  The University of Massachusetts may, if it deems necessary to help ensure efficient and effective research and development efforts, enter into collaborative agreements with other higher education institutions in the state to undertake parts of any research and development project for which grant funding under this section is sought.  

     (c)  To support effective planning and implementation of the matching grant fund, the corporation shall develop program guidelines or regulations in consultation with the University of Massachusetts and such other institutions or persons as deemed appropriate by the corporation.  The corporation shall annually file a report with the joint committee on higher education and the house and senate committees on ways and means detailing the grants awarded under this section.     

SECTION 4.  To meet expenditures necessary in carrying out section 2, the state treasurer shall, upon the request of the governor, issue and sell bonds of the commonwealth in an amount to be specified by the governor from time to time but not exceeding, in the aggregate, $100,000,000.  All bonds issued by the commonwealth as aforesaid shall be designated on their face, the Massachusetts Technology Park Corporation Scientific and Technology Research and Development Matching Grant Fund Act of 2011, and shall be issued for a maximum term of years, not exceeding 30 years as the governor may recommend to the general court under section 3 of Article LXII of the Amendments to the Constitution.  The bonds shall be payable not later than June 30, 2048.  All interest and payments on account of principal on these obligations shall be payable from the General Fund.  Bonds and interest on bonds issued under this section shall, notwithstanding any other provision of this act, be general obligations of the commonwealth.