As used in this chapter, unless the context requires a different meaning: “Designated reviewers” means the Secretaries of Education and Finance, the director of the Department of Planning and Budget, the Executive Director of the Council, the president of the Virginia Economic Development Partnership, and the staff directors of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations, or their designees. “Eligible degree” means a new bachelor’s or master’s degree, or a certificate issued by a baccalaureate public institution of higher education in association with a bachelor’s degree, in the field of computer science, computer engineering, or other closely related fields of study, or that otherwise aligns with traded-sector, technology-focused growth opportunities identified by the Virginia Economic Development Partnership Authority. “Fund” means the Tech Talent Investment Fund. “Grant” means a grant paid from the Tech Talent Investment Fund. “Memorandum of understanding” means the negotiated instrument entered into by a qualified institution and the Commonwealth, regardless of whether the terms of the memorandum of understanding are encompassed or included within any other institutional partnership or performance agreement required by law. A memorandum of understanding shall contain criteria for eligible degrees, eligible expenses, and degree production goals for a period ending in 2039. “New bachelor’s and master’s degrees” means the awarding of eligible degrees produced by a qualified institution to meet the degree production goals set forth in a qualified institution’s memorandum of understanding. “Qualified institution” means (i) any associate-degree-granting public institution of higher education, as defined in § 23.1-100, that has a transfer plan that culminates in an eligible degree and (ii) any baccalaureate public institution of higher education, as defined in § 23.1-100.