(1) Application for the funds provided for the Arkansas Research Development Program may be made by any publicly supported university in the State of Arkansas.
(2) The Director of the Division of Higher Education shall review the applications and shall approve applications in the amount he or she determines appropriate, after seeking the advice of the Legislative Council.
(3) The director shall prepare a voucher in the name of the successful applicant in the amount approved by the director.
(4) In determining the successful applicant, the director shall ensure that the funds will be used to: Assist the state in its competition with other states and communities in attracting technology-based industry or in strengthening such industries currently in the state;
(5) Develop a continuous research and development program such that high quality research capability is available to high-technology industries; and
(6) Assist established and relatively successful research programs to gain national or regional recognition.