2006 Utah Code - 63-38g-204 — Financial participation agreement.

     63-38g-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 38f, 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 38f, 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 63-38f-701(2).

Enacted by Chapter 123, 2006 General Session