81-1213.01. High Growth Business Development Cash Fund; created; use; investment.

(1) The High Growth Business Development Cash Fund is created. The fund shall be administered by the Department of Economic Development to fund a study related to high growth business development. The fund shall consist of money appropriated or transferred by the Legislature and gifts, grants, or bequests from any source, including money remitted to the fund from any other federal, state, public, and private sources. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.

(2) It is the intent of the Legislature that fifty thousand dollars of General Funds be appropriated to the High Growth Business Development Cash Fund for the department to contract with the private, nonprofit organization selected pursuant to subsection (3) of section 81-12,133 to provide research, analysis of best practices in other states, and make recommendations on ways to support and increase venture capital in Nebraska. A report of the findings of the research and analysis and recommendations shall be presented to the Clerk of the Legislature no later than December 1, 2014. The report shall be submitted electronically.

(3) On August 1, 2014, the State Treasurer shall transfer fifty thousand dollars from the General Fund to the High Growth Business Development Cash Fund.

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