It is hereby declared to be the public policy of the State of Nebraska to protect and foster the health, prosperity, and general welfare of its people by protecting and stabilizing the wheat industry and the economy of the areas producing wheat. The Nebraska Wheat Development, Utilization, and Marketing Board shall be the agency of the State of Nebraska for such purpose. In connection with and in furtherance of such purpose, such board shall have the power to:

(1) Formulate the general policies and programs of the State of Nebraska relating to the wheat industry, including:

(a) The discovery, promotion, and development of markets and industries for the utilization of wheat grown within the State of Nebraska;

(b) The acquisition of ownership rights, including intellectual property rights, to any variety of wheat; and

(c) The development, production, marketing, and sale of seed for any wheat variety owned by the board;

(2) Adopt and devise a program of education and publicity;

(3) Cooperate with local, state, or national organizations, whether public or private, in carrying out the purposes of the Nebraska Wheat Resources Act and to enter into such contracts as may be necessary;

(4) Adopt and promulgate such rules and regulations as are necessary to promptly and effectively enforce the Nebraska Wheat Resources Act. The rules and regulations shall include provisions which prescribe the procedure for adjustment of the excise tax by the board pursuant to section 2-2311;

(5) Conduct, in addition to the things enumerated, any other program for the development, utilization, and marketing of wheat grown in the State of Nebraska. Such programs may provide for cooperation with, grants to, or contracts with individuals or entities in the private sector or public sector for the following purposes:

(a) Research;

(b) Accumulation of data;

(c) Development of new varieties of wheat;

(d) Securing plant variety protection under federal law when possible;

(e) Securing intellectual property rights relating to development of new varieties of wheat when possible;

(f) Producing wheat for seed and selling such seed; and

(g) Construction of ethanol production facilities;

(6) Make refunds for overpayments of the excise tax according to rules and regulations adopted and promulgated by the board; and

(7) Employ personnel and contract for services which are necessary for the proper operation of the program.