HB 1642 -- Life Sciences Reinvestment Districts

Sponsor:  Dempsey

This bill creates the Life Sciences Reinvestment Act.  In its
main provisions, the bill:

(1)  Creates various definitions, including "life sciences
reinvestment district," "life sciences project," and "life
sciences reinvestment commission";

(2)  Establishes six life sciences reinvestment districts which
encompass the geographical areas of Kansas City, St. Louis,
central Missouri, Springfield, St. Joseph, and a statewide
district;

(3)  Allows a district to collaborate with another district to
jointly implement life sciences projects;

(4)  Establishes a Life Sciences Reinvestment Commission for each
district.  The bill specifies the composition and appointment
process for the commissions;

(5)  Requires the commissions to review and prioritize
applications for life sciences projects.  The commissions are
also required to submit the applications to the Life Sciences
Research Board for approval;

(6)  Requires moneys transferred to a commission to be used for
the purpose of funding life sciences projects.  Unexpended moneys
not distributed will be held in reserve;

(7)  Allows the commissions to implement a life sciences project
application after approval by the board;

(8)  Requires the commissions to utilize moneys for building the
research capacity of life sciences institutions, workforce
development, and technology commercialization;

(9)  Requires the funding of life sciences projects to be subject
to Missouri laws governing the expenditure of public funds;

(10)  Requires the commissions to secure a public accounting firm
for the purpose of conducting an annual audit.  Copies of the
audit report will be available to the public; and

(11)  Requires the commissions with the assistance of independent
contractors to prepare comprehensive reports every three years.
The reports will be made available to the Governor, the General
Assembly, and the public.

The bill contains an emergency clause.

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:16 am