(b) The center shall, in consultation with the advisory committee established in subsection (d) and the secretary of administration and finance, invest and reinvest the fund and the income thereof only as follows:

1. (1) in the making of qualified investments approved by the board established in subsection (b) of section 2 of chapter 23J, pursuant to rules approved by said board;
2. (2) in defraying the ordinary and necessary expenses of administration and operation associated with the center; provided, however, that said administrative and operational expenses shall not exceed 15 per cent of the total assets of the fund in any 1 fiscal year;
3. (3) in the investment of any funds not required for immediate disbursement in the purchase of such securities as may be lawful investments for fiduciaries in the commonwealth;
4. (4) for the payment of binding obligations associated with such qualified investments which are secured by the fund as the same become payable; and (5) for the payment of principal or interest on qualified investments secured by the fund or the payment of any redemption premium required to be paid when such qualified investments are redeemed prior to maturity.

(c) The fund shall be held and applied by the center, subject to the approval of the board, and in consultation with said advisory committee to make qualified investments designed to advance the following public purposes in the commonwealth:

1. (1) to stimulate increased financing for the expansion of state-of-the-art climatetech research and development facilities by leveraging private financing and providing financing related thereto including, without limitation, financing for the construction or expansion of such facilities;
2. (2) to provide grants to state educational institutions to develop a curriculum relative to climatetech and climatetech technology;
3. (3) to make targeted investments in climatetech research and to promote manufacturing activities for new or existing advanced climatetech technologies;
4. (4) to make matching grants to universities, colleges, public instrumentalities, companies and other entities to induce the federal government, industry and other grant-funding sources to fund the expansion of research and development in climatetech;
5. (5) to provide bridge financing to universities, colleges, public instrumentalities, companies and other entities in anticipation of the receipt of grants of the type described in clause (4) awarded or to be awarded by the federal government, industry or other sources;
6. (6) to promote programs and investments that lead to pathways towards economic self-sufficiency for low and moderate-income communities in the climatetech industry; provided, however, that said programs shall prioritize investments that serve individuals in families with incomes that do not exceed 300 per cent of the federal poverty level, as determined by the United States Census Bureau or a self-sufficiency standard, as determined by the executive office of administration and finance that shall include but not be limited to, the income needs of families, family size, the number and ages of children in the family and geographical considerations;

7. (7) to make grants to the Massachusetts Technology Transfer Center, established by section 12 of chapter 40G, to fund activities that facilitate the transfer of technology from the commonwealth's research institutions to the commonwealth's climatetech industries, for productive use by such industries, and to make targeted investments in proof of concept funding for emerging technologies; and (8) to make any other expenditure provided by this section.

   The center shall not make a qualified investment under clause (1) of subsection (b) unless: (i) said qualified investment has been approved by a majority vote of the board; and (ii) the center finds that, to the extent possible, said qualified investment is such that a defined benefit to the economy of the commonwealth may reasonably be expected therefrom; provided, however, that in evaluating a request or application for funding, the center shall consider whether: (1) the proposed project fulfills the public purposes of the center; (2) the project has significant potential to expand climatetech related employment in the commonwealth; (3) the project has the potential to enhance technological advancements in climatetech; (4) the project has the potential to result in the development of advancements in environmental protection and reduce the cost of energy; (5) the project has the potential to leverage additional funding or to attract additional energy resources to the commonwealth; (6) the project has the potential to stimulate climatetech manufacturing in the commonwealth; (7) the project includes a plan to facilitate collaboration with state and local workforce development programs; or (8) the program leads to pathways towards economic self-sufficiency for low and moderate-income communities in the climatetech industry as established provided in clause (6).

   The center shall not make a qualified investment under said clause (1) of said subsection (b) unless such qualified investment is in conformity with rules adopted by the center and approved by the board. Said rules shall set the terms and conditions for investments which constitute qualified investments, which may include, without limitation, loans, guarantees, loan insurance or reinsurance, equity investments, equity ownership in public or private companies, grants made pursuant to clause (4) of subsection (c) or other financing or credit enhancing devices, as made by the center directly or on its own behalf or in conjunction with other public instrumentalities, private institutions or the federal government.

   Said rules shall also set forth the terms, procedures, standards and conditions which the center shall employ to identify qualified applications, process applications, make investment determinations, safeguard the fund, advance the objective of increasing employment opportunities in the commonwealth, oversee the progress of qualified investments and secure the participation of other public instrumentalities, private institutions or the federal government in such qualified investments; provided, however, that said rules shall provide for negotiated intellectual property agreements between the center and each recipient of a qualified investment which shall include the terms and conditions by which the fund's support thereof may be reduced or withdrawn; and provided further, that all revenues or financial interests of any kind received by the center as a result of said intellectual property agreements shall be placed, in their entirety, in the fund.

   Copies of the approved rules, and any modifications thereto, shall be submitted annually to the clerks of the house of representatives and the senate, who shall forward the same to the chairs of the house and senate committees on ways and means, the chairs of the joint committee on economic development and emerging technologies, the chairs of the joint committee on telecommunication, utilities and energy and the joint committee on environment, natural resources and agriculture.

(e) Qualified investment transactions undertaken by the center pursuant to this section shall not, except as specified in this section, be subject to chapter 175, and shall not constitute a debt or pledge of the faith and credit of the commonwealth, the center or any subdivision of the commonwealth and shall be payable solely from the Massachusetts Alternative and Clean Energy Investment Trust Fund.

All available moneys in the Massachusetts Alternative and Clean Energy Investment Trust Fund that are unexpended at the end of each fiscal year shall not revert to the General Fund and shall be available for expenditure in the subsequent fiscal year.