interview relevant investigators and other university personnel regarding proposals and shall have access to collected scientific and technical reviews as well as other materials germane to the proposed projects. The onsite review team shall evaluate the proposals using an approved set of metrics; each recommendation must include a detailed narrative which explains the onsite review and team’s recommendations; (3) a presentation of findings. The onsite review team shall present its findings to the review board, which shall make final decisions on awards. The onsite review team shall recommend an appropriate level of funding to achieve successfully the stated goals of each project. The review board shall consider these recommendations in determining award amounts for each project. (C) The Coordinating Council for Economic Development annually may award onethird of the endowment based upon its own review process. It may submit its own application to the three research universities, issue its own annual application solicitation, provide its own postaward oversight, and the provisions contained in Sections 27550 and 27560 do not apply. The matching requirement contained in Sections 27590 and 275110 do not apply when the Secretary of Commerce certifies to the review board that the endowed professor will directly support a business or industry in South Carolina which will invest within a oneyear period at least one hundred million dollars in capital investment at a single site after January 1, 2010. B. The Coordinating Council for Economic Development may only make awards from funds appropriated from the South Carolina Lottery Account from Fiscal Year 2011 forward, together with any accrued interest earnings which have not already been awarded by the review board. The Coordinating awards Council’s are subject to the limitations contained in Section 27530 regarding full funding of all statesupported scholarships. The Coordinating Council for Economic Development shall annually provide by March fifteenth of each year to the Chairman of the Senate Finance committee and the House Ways and Means committee a report detailing the awards that it made in the prior year under the program.” SECTION 3. Section 27550(A) of the 1976 Code, as last amended by Act 355 of 2008, is further amended to read: An application to the review board for an award from the “(A) endowment shall:
interview relevant investigators and other university personnel regarding proposals and shall have access to collected scientific and technical reviews as well as other materials germane to the proposed projects. The onsite review team shall evaluate the proposals using an approved set of metrics; each recommendation must include a detailed narrative which explains the onsite review team’s recommendations; and (3) a presentation of findings. The onsite review team shall present its findings to the review board, which shall make final decisions on awards. The onsite review team shall recommend an appropriate level of funding to achieve successfully the stated goals of each project. The review board shall consider these recommendations in determining award amounts for each project. (C) The Coordinating Council for Economic Development annually may award onethird of the endowment based upon its own review process. It may submit its own application to the three research universities, issue its own annual application solicitation, provide its own postaward oversight, and the provisions contained in Sections 27550 and 27560 do not apply. The matching requirement contained in Sections 27590 and 275110 do not apply when the Secretary of Commerce certifies to the review board that the endowed professor will directly support a business or industry in South Carolina which will invest within a oneyear period at least one hundred million dollars in capital investment at a single site after January 1, 2010. B. The Coordinating Council for Economic Development may only make awards from funds appropriated from the South Carolina Lottery Account from Fiscal Year 2011 forward, together with any accrued interest earnings which have not already been awarded by the review board. The Coordinating Council’s awards are subject to the limitations contained in Section 27530 regarding full funding of all statesupported scholarships. The Coordinating Council for Economic Development shall annually provide by March fifteenth of each year to the Chairman of the Senate Finance committee and the House Ways and Means committee a report detailing the awards that it made in the prior year under the program.” SECTION 3. Section 27550(A) of the 1976 Code, as last amended by Act 355 of 2008, is further amended to read: “(A) An application to the review board for an award from the endowment shall:
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