(1) The authority has all the general powers necessary to carry out its purposes and duties and to exercise its specific powers, including the authority may:

     (a) Sue and be sued in its own name;

     (b) Make and execute agreements, contracts, and other instruments, with any public or private entity or person, in accordance with this chapter;

     (c) Employ, contract with, or engage independent counsel, financial advisors, auditors, other technical or professional assistants, and such other personnel as are necessary or desirable to implement this chapter;

     (d) Establish such special funds, and control deposits to and disbursements from them, as it finds convenient for the implementation of this chapter;

     (e) Enter into contracts with public and private entities for research to be conducted in this state;

     (f) Delegate any of its powers and duties if consistent with the purposes of this chapter;

     (g) Exercise any other power reasonably required to implement the purposes of this chapter; and

     (h) Hire staff and pay administrative costs; however, such expenses shall be paid from moneys provided by the sponsoring local government and moneys received from gifts, grants, and bequests and the interest earned on the authority's accounts and investments.

     (2) In addition to other powers and duties prescribed in this chapter, the authority is empowered to:

     (a) Use the authority's public moneys, leveraging those moneys with amounts received from other public and private sources in accordance with contribution agreements, to promote bioscience-based economic development, and to advance new therapies and procedures to combat disease and promote public health;

     (b) Solicit and receive gifts, grants, and bequests, and enter into contribution agreements with private entities and public entities to receive moneys in consideration of the authority's promise to leverage those moneys with the revenue generated by the tax authorized under RCW 82.14.480 and contributions from other public entities and private entities, in order to use those moneys to promote bioscience-based economic development and advance new therapies and procedures to combat disease and promote public health;

     (c) Hold funds received by the authority in trust for their use pursuant to this chapter to promote bioscience-based economic development and advance new therapies and procedures to combat disease and promote public health;

     (d) Manage its funds, obligations, and investments as necessary and consistent with its purpose, including the segregation of revenues into separate funds and accounts;

     (e) Make grants to entities pursuant to contract to promote bioscience-based economic development and advance new therapies and procedures to combat disease and promote public health. Grant agreements shall specify the deliverables to be provided by the recipient pursuant to the grant. Grants to private entities may only be provided under a contractual agreement that ensures the state will receive appropriate consideration, such as an assurance of job creation or retention, or the delivery of services that provide for the public health, safety, and welfare. The authority shall solicit requests for funding and evaluate the requests by reference to factors such as: (i) The quality of the proposed research; (ii) its potential to improve health outcomes, with particular attention to the likelihood that it will also lower health care costs, substitute for a more costly diagnostic or treatment modality, or offer a breakthrough treatment for a particular disease or condition; (iii) its potential to leverage additional funding; (iv) its potential to provide health care benefits; (v) its potential to stimulate employment; and (vi) evidence of public and private collaboration;

     (f) Create one or more advisory boards composed of scientists, industrialists, and others familiar with health sciences and services; and

     (g) Adopt policies and procedures to facilitate the orderly process of grant application, review, and reward.

     (3) The records of the authority shall be subject to audit by the office of the state auditor.

[2007 c 251 § 6.]

NOTES:

     Captions not law -- Severability -- 2007 c 251: See notes following RCW 35.104.010.