(1) There is hereby created the University Research Center, as an agency of the State of Mississippi, hereinafter referred to as the “center,” which shall have full authority to contract and to be contracted with. The Commissioner of Higher Education shall serve as the Director for the center.

(2) The center shall be under the direction and management of the Board of Trustees of State Institutions of Higher Learning. The Board of Trustees of State Institutions of Higher Learning shall, in its discretion, obtain fidelity bonds and determine who and what should be covered thereby and the amount of such bonds.

(3) The Commissioner of Higher Education, with the approval of the Board of Trustees of State Institutions of Higher Learning, shall appoint and employ such staff and employees as he deems necessary to carry out the objectives and purposes of this chapter and Section 57-63-17 and may establish the organizational structure of the center, which shall include the creation of any divisions necessary to implement the duties assigned to the center. It is specifically provided that the commissioner establish such units within the center as he deems necessary to include but not limited to areas of economic analysis, economic forecasting, long range economic development planning, research, grants, services and university and agency coordination and reporting.

(4) The Commissioner of Higher Education may consolidate the following functions of the central office of the Board of Trustees of State Institutions of Higher Learning and the University Research Center:

(a) Administrative services;

(b) Libraries;

(c) Computer services.

Consolidation of such services shall not affect the duty otherwise imposed by statute upon the University Research Center to assist state agencies with support services including, but not limited to, printing, data processing and libraries. The commissioner shall establish and maintain a branch library at the Department of Economic Development suitable for the economic development research needs of the department. The branch library shall be available for use by the public and by private development organizations.

(5) The Commissioner of Higher Education shall use savings realized through personnel attrition and other economies created by the reorganization effected in Senate Bill No. 2925, 1988 Regular Session [Laws, 1988, Chapter 518] to establish a special account in the University Research Center out of which funds may be expended to conduct priority research projects by contracting with universities, agencies and individuals.