2013 Kentucky Revised Statutes CHAPTER 164 - STATE UNIVERSITIES AND COLLEGES -- REGIONAL EDUCATION -- ARCHAEOLOGY 164.6023 Authority of the science and technology organization to review applications, qualify companies, and certify qualified companies.
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164.6023 Authority of the science and technology organization to review
applications, qualify companies, and certify qualified companies.
(1)
(2)
(3)
(4)
(5)
(6)
The science and technology organization shall have the authority to review
applications, qualify companies, and certify qualified companies under the
Kentucky Enterprise Fund Program.
The science and technology organization shall develop application criteria and
an application process subject to the following limitations. The proposed project
shall be likely to:
(a) Produce a measurable result and be technically sound;
(b) Lead to innovative technology or new knowledge;
(c) Lead to commercially successful products, processes, or services within
a reasonable period of time; or
(d) Show significant potential for stimulating economic growth and a
reasonable probability to enhance employment opportunities within the
Commonwealth.
The applicant shall provide to the science and technology organization an
application that shall include but not be limited to the following information:
(a) Verification that the applicant is an eligible company that meets the
definition of a Kentucky-based company and medium-size company or
small company;
(b) A technology description and plan that is sufficient for outside expert
review;
(c) A detailed financial analysis that includes the commitment of resources
by the applicant and others;
(d) Sufficient detail concerning proposed project partners, type and amount
of work to be performed by each partner, and expected product or service
with estimated costs to be reflected in the negotiated contract or
agreement; and
(e) A statement of the economic development potential of the project.
The science and technology organization shall conduct an independent review
with the use of outside experts to evaluate each application. Following the
application review, the science and technology organization shall make a
determination of the application and may determine that the applicant is a
qualified company as defined in KRS 164.6011.
Upon a qualified company's presentation of a legal agreement or contract
meeting the conditions under subsection (6) of this section, the science and
technology organization shall present the qualified company, the project
partner, if any, and the college or university in the Commonwealth, if any, with
a certification authorizing funding.
Prior to receiving certification authorizing funding from the science and
technology organization, the qualified company shall:
(a) Negotiate an agreement and funding contract with a college or university
in the Commonwealth and with a project partner, if any, that is satisfactory
to the science and technology organization, to undertake the
commercialization work; and
(b)
(7)
(8)
Provide assurance to the science and technology organization that the
college or university and the qualified company have negotiated the
ownership and disposition of patents, royalties, all other intellectual
property rights, and equity or related position relating to the contract
between the qualifying company and the college or university;
unless the requirement to partner with a college or university is waived under
KRS 164.6021(4).
Prior to certifying a qualified company, the science and technology
organization may negotiate with the qualified company the ownership and
disposition of patents, royalties, all other intellectual property rights, and an
equity or related position on behalf of the Kentucky Enterprise Fund for the sole
purpose of reinvesting and sustaining a revolving fund to carry out the
provisions of KRS 164.6021 and 164.6023.
The science and technology organization, upon approval by the council, shall
set forth guidelines as to when and how all areas of the state will be notified
about the program's availability and a program schedule, including but not
limited to the following:
(a) A review cycle including:
1.
A deadline for submission of applications at least biannually; and
2.
A deadline for reviewing applications of no more than one hundred
twenty (120) days after the application submission deadline; and
(b) A deadline, from the date an applicant is determined to be a qualified
company, by which certification shall be made. If certification is not made
by that deadline the funding voucher award is made void.
Effective:July 15, 2008
History: Amended 2008 Ky. Acts ch. 98, sec. 4, effective July 15, 2008. -Amended 2002 Ky. Acts ch. 230, sec. 39, effective July 15, 2002. -- Created
2000 Ky. Acts ch. 522, sec. 7, effective July 14, 2000.
Legislative Research Commission Note (7/15/2008). A manifest clerical or
typographical error in 2008 Ky. Acts ch. 98, sec. 4 (this statute), amending this
statute has been corrected in codification pursuant to KRS 7.136. The waiver
referred to at the end of subsection (6) of that Acts chapter and section appears
in subsection (4) of Section 3 of that Act, not as incorrectly cited as "subsection
(4) [of] Section 4 of this Act."
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