The bill establishes the Research Excellence Cash Fund, which will be administered by the University of Nebraska. This fund will consist of money from gifts, grants, or bequests specifically designated for it, as well as transfers authorized by the Legislature. The purpose of the fund is to support research-based investments in data collection and ongoing research that is vital to the Nebraska economy, including initiatives like the Nebraska Mesonet system. Additionally, any funds available for investment will be managed by the state investment officer in accordance with the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.

The bill also includes a declaration of emergency, allowing it to take effect immediately upon passage and approval. This urgency underscores the importance of establishing the fund to enhance research capabilities and economic development in Nebraska.