1 New Subparagraph; Application of Receipts; Sunny Day Fund. Amend RSA 6:12, I(b) by inserting after subparagraph (343) the following new subparagraph:

(344) Moneys credited to the sunny day fund established in RSA 12-O:21-a.

2 General Fund Surplus Account; Transfer to Sunny Day Fund. On July 1, 2019, the state treasurer shall transfer the sum of $10,000,000 from the general fund surplus account to the sunny day fund established in RSA 12-O:21-a.

3 New Section; Department of Business and Economic Affairs; Sunny Day Fund. Amend RSA 12-O by inserting after section 21 the following new section:

12-O:21-a Sunny Day Fund Established.

I. There is hereby established in the office of the state treasurer a fund to be known as the sunny day fund, which shall be kept distinct and separate from all other funds. The commissioner shall administer the fund. The fund shall be nonlapsing and continually appropriated to the commissioner for the purpose of obtaining and disbursing grants for research and development, including any preliminary funding necessary to obtain grant funding, supporting the infrastructure necessary to address critical gaps in the state's ability to attract research and development projects, increasing commercialization of new technologies, leveraging federal funds, and supporting business development and expansion. Grants may be from federal, private, or other sources.

II. The New Hampshire Research and Industry Council ("council"), with the support of the New Hampshire Established Program to Stimulate Competitive Research (NH EPSCoR), shall administer the grant program application and approval process in consultation with the commissioner, manage the annual investment portfolio, and evaluate investment performance. An organization may apply for funding under this section pursuant to the procedures established by the council. The council shall assign preference to grant applications that:

(a) Increase New Hampshire's competitiveness through innovation.

(b) Attract talent to New Hampshire.

(c) Target existing industrial-cluster strength, potential growth, and research capacity.

(d) Target areas of strategic priority as determined by NH EPSCoR and the department

of business and economic affairs.

(e) Qualify for available matching funds from federal, private, or other sources.

III. Beginning July 1, 2021, and annually thereafter, the council shall conduct a survey of all organizations which receive grants under this section to evaluate the return on investment from the state's funding support and to permit the general court to consider legislation for continued funding. The council shall, no sooner than 18 months after the effective date of this section, develop and distribute a survey instrument to all organizations that have received grant funding under this section. The survey shall, at a minimum, collect the following information for each organization that receives grant funds under this section:

(a) Number of grants obtained.

(b) Total funding from grants and other investments.

(c) Amount of federal funds obtained.

(d) Number of employees.

(e) Number of jobs created as a result of funding received under this section.

(f) Number of licensing agreements secured.

(g) Number of patents filed.

IV. An organization shall submit the completed survey to the council within 6 weeks of receipt. The council shall collect the completed surveys and submit them to the commissioner of the department of business and economic affairs. Any organization which fails to timely submit a completed survey shall not be eligible to obtain additional funding under this section.

V. Administrative costs shall not exceed 8 percent of annual fund expenditures.

4 Effective Date. This act shall take effect July 1, 2019.

1 New Subparagraph; Application of Receipts; Sunny Day Fund. Amend RSA 6:12, I(b) by inserting after subparagraph (343) the following new subparagraph:

(344) Moneys credited to the sunny day fund established in RSA 12-O:21-a.

2 General Fund Surplus Account; Transfer to Sunny Day Fund. On July 1, 2019, the state treasurer shall transfer the sum of $10,000,000 from the general fund surplus account to the sunny day fund established in RSA 12-O:21-a.

3 New Section; Department of Business and Economic Affairs; Sunny Day Fund. Amend RSA 12-O by inserting after section 21 the following new section:

12-O:21-a Sunny Day Fund Established.

I. There is hereby established in the office of the state treasurer a fund to be known as the sunny day fund, which shall be kept distinct and separate from all other funds. The commissioner shall administer the fund. The fund shall be nonlapsing and continually appropriated to the commissioner for the purpose of obtaining and disbursing grants for research and development, including any preliminary funding necessary to obtain grant funding, supporting the infrastructure necessary to address critical gaps in the state's ability to attract research and development projects, increasing commercialization of new technologies, leveraging federal funds, and supporting business development and expansion. Grants may be from federal, private, or other sources.

II. The New Hampshire Research and Industry Council ("council"), with the support of the New Hampshire Established Program to Stimulate Competitive Research (NH EPSCoR), shall administer the grant program application and approval process in consultation with the commissioner, manage the annual investment portfolio, and evaluate investment performance. An organization may apply for funding under this section pursuant to the procedures established by the council. The council shall assign preference to grant applications that:

(a) Increase New Hampshire's competitiveness through innovation.

(b) Attract talent to New Hampshire.

(c) Target existing industrial-cluster strength, potential growth, and research capacity.

(d) Target areas of strategic priority as determined by NH EPSCoR and the department

of business and economic affairs.

(e) Qualify for available matching funds from federal, private, or other sources.

III. Beginning July 1, 2021, and annually thereafter, the council shall conduct a survey of all organizations which receive grants under this section to evaluate the return on investment from the state's funding support and to permit the general court to consider legislation for continued funding. The council shall, no sooner than 18 months after the effective date of this section, develop and distribute a survey instrument to all organizations that have received grant funding under this section. The survey shall, at a minimum, collect the following information for each organization that receives grant funds under this section:

(a) Number of grants obtained.

(b) Total funding from grants and other investments.

(c) Amount of federal funds obtained.

(d) Number of employees.

(e) Number of jobs created as a result of funding received under this section.

(f) Number of licensing agreements secured.

(g) Number of patents filed.

IV. An organization shall submit the completed survey to the council within 6 weeks of receipt. The council shall collect the completed surveys and submit them to the commissioner of the department of business and economic affairs. Any organization which fails to timely submit a completed survey shall not be eligible to obtain additional funding under this section.

V. Administrative costs shall not exceed 8 percent of annual fund expenditures.

4 Effective Date. This act shall take effect July 1, 2019.