Accountability Chief Procurement Officer to establish Authority’s alternative procurement procedures. The research university shall submit its alternative procurement procedures to the State Budget and Control Board State Fiscal Accountability Authority for approval. Such The procurement process shall include provisions for audit and recertification.” I. Section 1143510(2) of the 1976 Code is amended to read: means the State Budget and Control Board “(2) ‘State board’ governing board of the State Fiscal Accountability Authority.” J. 1. Section 114530(10) of the 1976 Code is amended to read: means a banking institution subject to the “(10) ‘Lender’ income tax on banks under Chapter 11 of Title 12, an insurance company subject to a state premium tax liability pursuant to Chapter 7 of Title 38, a captive insurance company regulated pursuant to Chapter 90 of Title 38, a utility regulated pursuant to Title 58, or a financial institution with proven experience in statebased venture capital transactions, pursuant to guidelines established by the authority. Both the guidelines and the lender must be approved by the State Budget and Control Board Fiscal Accountability Authority.” 2. Section 114555(B) of the 1976 Code is amended to read: The authority shall issue tax credit certificates to each “(B) lender contemporaneously with each loan made pursuant to this chapter in accordance with any guidelines established by the authority pursuant to Section 1145100. The tax credit certificates must describe procedures for the issuance, transfer and redemption of the certificates, and related tax credits. These certificates also must describe the amounts, year, and conditions for redemption of the tax credits reflected on the certificates. Once a loan is made by a lender, the certificate issued to the lender shall be binding on the authority and this State and may not be modified, terminated, or rescinded. The form of the tax credit certificate must be approved by the State Budget and Control Board Fiscal Accountability Authority.” 3. Section 1145105 of the 1976 Code is amended to read:
Accountability Authority’s Chief Procurement Officer to establish alternative procurement procedures. The research university shall submit its alternative procurement procedures to the State Budget and Control Board State Fiscal Accountability Authority for approval. Such The procurement process shall include provisions for audit and recertification.” I. Section 1143510(2) of the 1976 Code is amended to read: “(2) ‘State board’ means the State Budget and Control Board governing board of the State Fiscal Accountability Authority.” J. 1. Section 114530(10) of the 1976 Code is amended to read: “(10) ‘Lender’ means a banking institution subject to the income tax on banks under Chapter 11 of Title 12, an insurance company subject to a state premium tax liability pursuant to Chapter 7 of Title 38, a captive insurance company regulated pursuant to Chapter 90 of Title 38, a utility regulated pursuant to Title 58, or a financial institution with proven experience in statebased venture capital transactions, pursuant to guidelines established by the authority. Both the guidelines and the lender must be approved by the State Budget and Control Board Fiscal Accountability Authority.” 2. Section 114555(B) of the 1976 Code is amended to read: “(B) The authority shall issue tax credit certificates to each lender contemporaneously with each loan made pursuant to this chapter in accordance with any guidelines established by the authority pursuant to Section 1145100. The tax credit certificates must describe procedures for the issuance, transfer and redemption of the certificates, and related tax credits. These certificates also must describe the amounts, year, and conditions for redemption of the tax credits reflected on the certificates. Once a loan is made by a lender, the certificate issued to the lender shall be binding on the authority and this State and may not be modified, terminated, or rescinded. The form of the tax credit certificate must be approved by the State Budget and Control Board Fiscal Accountability Authority.” 3. Section 1145105 of the 1976 Code is amended to read:
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