(a)  There shall be established and placed within the hub, a fund or funds to be known as the Rhode Island life science investment fund, hereinafter referred to as the “fund”, to be held by the hub to finance the operations and initiatives of the hub. The fund shall be credited any appropriations, bond proceeds, federal grants, or loans, or other such additional funds as are subject to the direction and control of the hub, which may properly be applied in furtherance of the objectives of the hub.

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Terms Used In Rhode Island General Laws 23-99-6

  • Board: means the board of directors of the hub. See Rhode Island General Laws 23-99-3
  • Hub: means the Rhode Island life science hub established by § 23-99-4. See Rhode Island General Laws 23-99-3
  • Investment fund: means the hub investment fund established by § 23-99-6. See Rhode Island General Laws 23-99-3
  • Life science: means and shall include, but not be limited to, the science of: medical devices, biomedical technology, medical therapeutic therapies, biogenetics, biomedical engineering, biopharmaceuticals, genomics, biomanufacturing, diagnostics, digital health, and related fields. See Rhode Island General Laws 23-99-3
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • State: means the state of Rhode Island. See Rhode Island General Laws 23-99-3

(b)  The fund shall be held and applied by the hub to make qualified investments, grants, research and other funding, and loans designed to advance public purposes for the life science industry in the state and shall use the fund for such purposes.

(c)  The state shall not be liable for the payment of the principal of, or interest on, any bonds or notes of the hub, or for the performance of any pledge, mortgage, obligation, or agreement of any kind whatsoever that may be undertaken by the hub, and none of the bonds or notes of the hub nor any of its agreements or obligations shall be construed to constitute an indebtedness of the state. Payments related to any transaction involving, or investment by, the hub shall be payable solely from the fund.

(d)  The board shall promulgate rules, regulations, or guidelines necessary to carry out the provisions of this section.

History of Section.
P.L. 2023, ch. 79, art. 7, § 2, effective September 1, 2023.