Title 63M Governor's Programs Chapter 2 Utah Science Technology and Research Governing Authority Act Section 204 Financial participation agreement.
63M-2-204.Financial participation agreement.
(1) In consideration of the monies 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 monies
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 Centers of
Excellence program created by Chapter 1, Part 7, Centers of Excellence Act; and
(b) for all subsequent monies received:
(i) 50% to Utah State University and the University of Utah, with the monies 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 Centers of Excellence program created by Chapter 1, Part 7, Centers of
Excellence 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 Centers of Excellence
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).
Renumbered and Amended by Chapter 382, 2008 General Session
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