Funds used under the provisions of this act shall adhere to the following criteria:

(a) Be used for the purposes of matching an approved grant from a federal agency, including, without limitation, any of the following:

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(1) The national science foundation;

(2) the national institutes of health;

(3) the department of agriculture;

(4) the environmental protection agency;

(5) the department of education;

(6) the national aeronautics and space administration;

(7) the department of energy;

(8) the department of defense;

(9) the department of homeland security;

(10) the department of transportation; and

(11) the department of commerce.

(b) Proposals for federal funds that contain a specific state or federal match requirement, for the purposes of this act, shall not be matched at a rate of more than 50%, except that any portion of the match over 50% may be borne by the bioscience research institution;

(c) proposals for federal funds that do not contain a specific state or federal match requirement, for the purposes of this article, shall not be matched at a rate of more than 10%, provided that the state share is matched dollar for dollar by the college or bioscience research institution for a combined match of not more than 20%, except that any portion of the match over 20% may be borne by the bioscience research institution; and

(d) a state financial match requirement of at least $20,000 for equipment matching and at least $50,000 for research project matching.