Section 400.53 - Ben Franklin Technology Development Authority(a) Creation.--There is hereby created a public authority and instrumentality of the Commonwealth known as the Ben Franklin Technology Development Authority. The authority shall be a body corporate and politic and exercise the powers of the Commonwealth as an agency of the Commonwealth.(b) Management.--The powers of the authority shall be exercised by the board.(c) Staffing.--The department shall provide staff services to the authority. The department may, with the approval of the Governor, contract with consultants or other entities to augment these services as needed. No more than 3% of funds annually appropriated to the authority shall be used to pay administrative costs, expenses and fees associated with the operations of the authority.(d) Powers.--The authority, through action of the board, shall have all of the following powers:(1) To adopt bylaws, guidelines and regulations as it deems necessary.(2) To contract and to execute instruments necessary or convenient for the carrying on of its business.(3) To appoint committees and subcommittees as are needed.(4) To sue and be sued, complain and defend in court.(5) To accept funds from all available sources.(e) Duties.--The authority shall encourage and coordinate programs and investments which advance the competitiveness of Commonwealth companies in the global economy. The authority shall:(1) Develop policies and implement programs which promote an entrepreneurial business environment, advances technologies and a technology-ready work force.(2) Select and certify four regional nonprofit corporations as partners.(3) Coordinate funding for the programs, initiatives and actions of the authority and the partners.(4) Award grants and other forms of financial incentives to companies, economic development agencies, educational institutions, government agencies or other entities for research activities related to economic development at academic and research institutions and community-based and economic development technology initiatives.(5) Establish a revolving loan fund for the purpose of making financing available to technology companies.(6) Invest in companies, economic development agencies, educational institutions, government agencies or other entities as necessary to carry out the authority's activities.(7) Assist efforts to identify and pursue funding opportunities from the Federal Government and other sources.(8) Establish and require audits, disclosures and other review procedures for all activities funded by the authority.(f) Debt restriction.--Notwithstanding any other provisions of this act to the contrary, the authority may not issue any bonds, notes or any other obligation evidencing a debt or liability of the authority, the Commonwealth or any of its political subdivisions.2001, June 22, P.L. 569, No. 38, § 3, effective 7/1/2001.