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Governor's Programs | |
Utah Science Technology and Research Governing Authority Act | |
Section 204 | Financial participation agreement. |
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63M-2-204. Financial participation agreement. (1) In consideration of the money and services provided or agreed to be provided, the state of Utah, Utah State University, and the University of Utah covenant and agree that they will allocate commercialization revenues as follows: (a) for the first $15,000,000 received: (i) $10,000,000 to Utah State University and the University of Utah, with the money distributed proportionately based upon which university conducted the research that generated the commercialization revenues; and (ii) $5,000,000 to the Governor's Office of Economic Development for the Technology Commercialization and Innovation Program created by Chapter 1, Part 7, Technology Commercialization and Innovation Act; and (b) for all subsequent money received: (i) 50% to Utah State University and the University of Utah, with the money distributed proportionately based upon which university conducted the research that generated the commercialization revenues; and (ii) 50% to the governing authority or other entity designated by the state to be used for: (A) the Technology Commercialization and Innovation Program created by Chapter 1, Part 7, Technology Commercialization and Innovation Act; (B) replacement of equipment in the research buildings; (C) recruiting and paying additional research teams; and (D) construction of additional research buildings. (2) The Governor's Office of Economic Development shall: (a) distribute that portion of the $5,000,000 allocated to the Technology Commercialization and Innovation Program by Subsection (1)(a)(ii) to Utah State University and the University of Utah based upon which institution performed the research that generated the commercialization revenues; and (b) credit those amounts to the universities as matching funds under Subsection 63M-1-702(2).
Amended by Chapter 392, 2011 General Session |
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