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108th CONGRESS
2d Session
S. 2737
To facilitate the development of science parks, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 22, 2004
Mr. Bingaman introduced the following bill; which was read twice and
referred to the Committee on Finance
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A BILL
To facilitate the development of science parks, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Science Park Administration Act of
2004''.
SEC. 2. DEVELOPMENT OF SCIENCE PARKS.
(a) Finding.--Section 2 of the Stevenson-Wydler Technology
Innovation Act of 1980 (15 U.S.C. 3701) is amended by adding at the end
the following new paragraph:
``(12) It is in the best interests of the Nation to
encourage the formation of science parks to promote the
clustering of innovation through high technology activities.''.
(b) Definition.--Section 4 of such Act (15 U.S.C. 3703) is amended
by adding at the end the following new paragraph:
``(14) `Science park' means a group of interrelated
companies and institutions, including suppliers, service
providers, institutions of higher education, and trade
associations that cooperate as well as compete and are located
in a specific area whose administration promotes real estate
development, technology transfer, and partnerships between such
companies and institutions.''.
(c) Promotion of Development of Science Parks.--Section 5(c) of
such Act (15 U.S.C. 3704(c)) is amended--
(1) in paragraph (14), by striking ``and'' at the end;
(2) in paragraph (15), by striking the period at the end
and inserting ``; and''; and
(3) by adding at the end the following new paragraph:
``(16) promote the formation of science parks.''.
(d) Science Parks.--Such Act is further amended by adding at the
end the following new section:
``SEC. 24. SCIENCE PARKS.
``(a) Development of Plans for Construction of Science Parks.--
``(1) In general.--The Secretary shall award grants and
enter into contracts and cooperative agreements for the
development of plans for the construction of science parks.
``(2) Limitation on amount of grants, contracts, or
agreements.--The amount of a grant awarded, or contract or
cooperative agreement entered into, under this subsection may
not exceed $500,000.
``(3) Award or entry.--
``(A) Competition required.--The Secretary shall
award any grant, or enter into any contract or
cooperative agreement, for project under this
subsection pursuant to a peer-reviewed competition.
``(B) Advertising.--The Secretary shall advertise
any competition under this paragraph in the Commerce
Business Daily.
``(C) Selection criteria.--The Secretary shall
publish the criteria to be utilized in any competition
under this paragraph to select recipients of grants, or
parties to contracts or cooperative agreements, under
this subsection. Such criteria shall include
requirements relating to--
``(i) the number of jobs to be created at
the science park each year for a period of 5
years;
``(ii) the funding to be required to
construct the science park over the first 5
years;
``(iii) the amount and type of cost
matching by the applicant;
``(iv) the types of businesses and research
entities expected in the science park over the
first 5 years;
``(v) letters of intent by businesses and
research entities to locate in the science
park;
``(vi) the capacity of the science park for
expansion over a period of 25 years;
``(vii) the quality of life at the science
park for employees at the science park;
``(viii) the capability to attract a well
trained workforce to the science park;
``(ix) the management of the science park,
including a business plan of the management
entity to become self-sufficient;
``(x) expected risks in the construction
and operation of the science park;
``(xi) risk mitigation;
``(xii) transportation and logistics; and
``(xiii) physical infrastructure, including
telecommunications.
``(4) Authorization of appropriations.--There is authorized
to be appropriated for each of fiscal years 2005 through 2010,
$7,500,000 to carry out this subsection.
``(b) Revolving Loan Program for Development of Science Park
Infrastructure.--
``(1) In general.--The Secretary shall make grants to six
regional centers for the development of science park
infrastructure through the operation of revolving loan funds by
such centers.
``(2) Selection of centers.--
``(A) In general.--The Secretary shall select the
regional centers to be awarded grants under this
subsection utilizing such criteria as the Secretary
shall prescribe.
``(B) Criteria.--The criteria prescribed by the
Secretary under this paragraph shall include criteria
relating to revolving loan funds and revolving loan
fund operators under paragraph (4), including--
``(i) the qualifications of principal
officers;
``(ii) non-Federal cost matching
requirements;
``(iii) auditing of loan funds according to
Generally Accepted Accounting Principles
(GAAP);
``(iv) conditions for the termination of
loan funds; and
``(v) annual reporting requirements.
``(3) Limitation on project amount.--The amount of any
project for the development of science park infrastructure that
is funded under this subsection may not exceed $1,000,000.
``(4) Revolving loan funds.--
``(A) In general.--A regional center receiving a
grant under this subsection shall fund the development
of science park infrastructure through the utilization
of a revolving loan fund.
``(B) Operation and integrity.--The Secretary shall
prescribe regulations to maintain the proper operation
and financial integrity of revolving loan funds under
this paragraph.
``(C) Efficient administration.--The Secretary
may--
``(i) at the request of a grantee, amend
and consolidate grant agreements governing
revolving loan funds to provide flexibility
with respect to lending areas and borrower
criteria;
``(ii) assign or transfer assets of a
revolving loan fund to a third party for the
purpose of liquidation, and a third party may
retain assets of the fund to defray costs
related to liquidation; and
``(iii) take such actions as are
appropriate to enable revolving loan fund
operators to sell or securitize loans (except
that the actions may not include issuance of a
Federal guaranty by the Secretary).
``(D) Treatment of actions.--An action taken by the
Secretary under this paragraph with respect to a
revolving loan fund shall not constitute a new
obligation if all grant funds associated with the
original grant award have been disbursed to the
recipient.
``(E) Preservation of securities laws.--
``(i) Not treated as exempted securities.--
No securities issued pursuant to subparagraph
(C)(iii) shall be treated as exempted
securities for purposes of the Securities Act
of 1933 or the Securities Exchange Act of 1934,
unless exempted by rule or regulation of the
Securities and Exchange Commission.
``(ii) Preservation.--Except as provided in
clause (I), no provision of this paragraph or
any regulation issued by the Secretary under
this paragraph shall supersede or otherwise
affect the application of the securities laws
(as such term is defined in section 2(a)(47) of
the Securities Exchange Act of 1934) or the
rules, regulations, or orders of the Securities
and Exchange Commission or a self-regulatory
organization thereunder.
``(5) Authorization of appropriations.--There is authorized
to be appropriated for each of fiscal years 2005 through 2010,
$60,000,000 to carry out this subsection.
``(c) Loan Guarantees for Science Park Infrastructure.--
``(1) In general.--The Secretary shall guarantee loans for
projects for the construction of science park infrastructure.
``(2) Limitations on guarantee amounts.--The maximum amount
of loan principal guaranteed under this subsection may not
exceed--
``(A) $50,000,000 with respect to any single
project; and
``(B) $1,000,000,000 with respect to all projects.
``(3) Selection of guarantee recipients.--The Secretary
shall select recipients of loan guarantees under this
subsection utilizing such criteria as the Secretary shall
prescribe.
``(4) Oversight.--The Comptroller General of the United
States shall, on a biennial basis, conduct an audit of the
loans guaranteed under this subsection, and shall submit to
Congress a report on each audit conducted under this paragraph.
``(5) Termination.--No loan may be guaranteed under this
subsection after September 30, 2010.
``(6) Authorization of appropriations.--There is authorized
to be appropriated $1,000,000,000 for the cost, as defined in
section 502(5) of the Federal Credit Reform Act of 1990, of
loans guaranteed under this subsection.
``(d) National Academy of Sciences Evaluation of Science Park
Development.--
``(1) In general.--The Secretary shall enter into an
agreement with the National Academy of Sciences under which the
Academy shall evaluate, on an annual basis, the development of
science parks pursuant to activities under this section.
``(2) Annual report.--Under the agreement under paragraph
(1), the Academy shall submit to the Secretary each year a
report on its evaluation of science park development under that
paragraph. Each report may include such recommendations as the
Academy considers appropriate for additional activities to
promote and facilitate the development of science parks in the
United States.
``(e) Annual Report.--Not later than March 31 each year, the
Secretary shall submit to Congress a report on the activities under
this section during the preceding year, including the results of any
audit by the Comptroller General under subsection (c)(4) during such
year and any recommendations made by the National Academy of Sciences
under subsection (d)(2) during such year. Each report may include such
recommendations for legislative or administrative action as the
Secretary considers appropriate to further promote and facilitate the
development of science parks in the United States.
``(f) Regulations.--
``(1) Regulations.--The Secretary shall prescribe
regulations to carry out this section.
``(2) Deadline.--The Secretary shall prescribe such
regulations not later than one year after the date of the
enactment of the Science Park Administration Act of 2004.''.
SEC. 3. SCIENCE PARK VENTURE CAPITAL FUND PILOT PROGRAM.
Title III of the Small Business Investment Act of 1958 (15 U.S.C.
681 et seq.) is amended by adding at the end the following:
``PART C--SCIENCE PARK VENTURE CAPITAL FUND PILOT PROGRAM
``SEC. 371. DEFINITIONS.
``As used in this part, the following definitions shall apply:
``(1) Equity capital.--The term `equity capital' means
common or preferred stock or a similar instrument, including
subordinated debt with equity features.
``(2) High-technology.--The term `high-technology' means
any of the high technology industries in the North American
Industrial Classification System, as listed in table 8-25 of
the National Science Board publication entitled `Science and
Engineering Indicators 2004'.
``(3) Leverage.--The term `leverage' includes--
``(A) debentures purchased or guaranteed by the
Administrator;
``(B) participating securities purchased or
guaranteed by the Administrator; and
``(C) preferred securities outstanding as of the
date of enactment of this part.
``(4) Mezzanine financing.--The term `mezzanine financing'
means late-stage venture capital usually associated with the
final round of financing prior to an initial public offering.
``(5) Operational assistance.--The term `operational
assistance' means management, marketing, and other technical
assistance that assists high-technology start-up companies with
business development.
``(6) Participation agreement.--The term `participation
agreement' means an agreement, between the Administrator and a
company granted final approval by the Administrator under
section 374(e), that--
``(A) details the operating plan and investment
criteria of the company; and
``(B) requires the company to make investments in
high-technology start-up companies within a science
park.
``(7) Private capital.--The term `private capital'--
``(A) means the total of--
``(i)(I) the paid-in capital and paid-in
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