Section 92965 - Allocation of funds(a) With funds appropriated in Item 6440-001-0001 of Section 2.00 of the Budget Act of 2016, the University of California shall make one-time expenditures for activities to expand or accelerate economic development in the state, including activities associated with the research and development of new energy technologies and storage, in ways that are aligned with other efforts to support innovation and entrepreneurship.(b) From the funds specified in subdivision (a), two million two hundred thousand dollars ($2,200,000) shall be allocated to each of the following campuses of the University of California:(c) The Regents of the University of California shall designate an external advisory body, whose members have demonstrated expertise in innovation and entrepreneurship, to encourage the effective use of the funds specified in subdivision (b) through planning and oversight.(d) A campus shall not expend the funds specified in subdivision (b) until the external advisory body has certified that the chancellor of the campus has demonstrated all of the following:(1) That the funds will be used only for the costs of activities that support the expansion or acceleration of economic development in the state, including activities associated with research and development of new energy technologies and storage, such as any of the following benefits for entrepreneurs:(C) Proof-of-concept grants.(G) Research and development.(2) That the funds will be spent only after the uses and beneficiaries have been determined through a transparent, inclusive, and fair process.(3) That private funds will also be used for these activities, with the intent that the amount of private funds will be at least equal to the amount specified in subdivision (b).(4) That any financial benefit that results from the use of these funds, including any revenues generated with these funds be accounted for and also used on these activities.(5) That a credible plan has been developed to support any ongoing activities beyond the one-time expenditures of these funds.(e) The external advisory body shall notify the Director of Finance and the Legislature, no fewer than 10 days before providing certification pursuant to subdivision (d) of its intent to do so.(f)(1) On or before November 30, 2017, the Regents of the University of California shall report to the Director of Finance and the Legislature on the specific activities at each campus supported by these funds.(2) The report shall be submitted to the Legislature pursuant to Section 9795 of the Government Code.Amended by Stats 2017 ch 561 (AB 1516),s 49, eff. 1/1/2018.Amended by Stats 2017 ch 250 (AB 129),s 9, eff. 9/16/2017.Added by Stats 2016 ch 862 (AB 2664),s 2, eff. 1/1/2017.