Funds used under the provisions of this act shall adhere to the following criteria:

1. (a) Be used for the purposes of matching an approved grant from a federal agency, including, without limitation, any of the following:

   1. (1) The national science foundation;
   2. (2) the national institutes of health;
   3. (3) the department of agriculture;
   4. (4) the environmental protection agency;
   5. (5) the department of education;
   6. (6) the national aeronautics and space administration;
   7. (7) the department of energy;
   8. (8) the department of defense;
   9. (9) the department of homeland security;
   10. (10) the department of transportation; and
   11. (11) the department of commerce.
2. (b) Proposals for federal funds that contain a specific state or federal match requirement, for the purposes of this act, shall not be matched at a rate of more than 50%, except that any portion of the match over 50% may be borne by the bioscience research institution;
3. (c) proposals for federal funds that do not contain a specific state or federal match requirement, for the purposes of this article, shall not be matched at a rate of more than 10%, provided that the state share is matched dollar for dollar by the college or bioscience research institution for a combined match of not more than 20%, except that any portion of the match over 20% may be borne by the bioscience research institution; and
4. (d) a state financial match requirement of at least $20,000 for equipment matching and at least $50,000 for research project matching.

L. 2004, ch. 112, § 47; July 1.