15-1670 - Arizona Statutes

15-1670. Appropriation for university research infrastructure facilities; definition A. In fiscal years 2007-2008 through 2030-2031, the following sums are appropriated each year from the state general fund to the respective universities for lease-purchase capital financing for research infrastructure projects: 1. $14,472,000 to Arizona state university. 2. $14,253,000 to the university of Arizona. 3. $5,900,000 to northern Arizona university. B. Lease-purchase financing agreements under subsection A of this section: 1. Must be entered into before July 1, 2006. 2. Are subject to the requirements of section 15-1682.01. C. The appropriations under subsection A of this section constitute continuing year-to-year appropriations but do not constitute an obligation of the legislature or this state to continue the appropriation in any fiscal year. The annual appropriation is a current expense of this state in the fiscal year in which it occurs and is not a general obligation indebtedness of this state or of any university. If the appropriation is discontinued in any fiscal year, this state and the university are relieved of any subsequent obligation pursuant to this section. D. Beginning in fiscal year 2007-2008 and in each subsequent fiscal year for which an appropriation is made pursuant to subsection A of this section, each university shall deposit no later than October 1 with the state treasurer in the state general fund an amount equal to: 1. Twenty per cent of the income from licensure and royalty payments received by the university during the preceding fiscal year. 2. Twenty-five per cent of the income received by the university during the preceding fiscal year from the sale or transfer of intellectual property developed by the university. 3. If a constitutional amendment authorizing ownerships and securities by the Arizona board of regents is approved by the qualified electors voting at a statewide general election, thirty per cent of the income received in the preceding fiscal year resulting from the conveyance of ownership interests in business enterprises acquired to develop technology or intellectual property based in whole or in part on the university's research, technology or intellectual property. E. The aggregate amount transferred in each fiscal year for deposit in the state general fund by all universities from all sources listed under subsection D of this section shall not exceed the aggregate amounts appropriated in that fiscal year under subsection A of this section. If amounts under subsection D of this section would otherwise exceed the limit prescribed by this subsection, the deposited amounts shall be proportionately reduced for each university. F. On or before October 1 of each year, each university shall report to the joint legislative budget committee the total amount of income the university received in the preceding fiscal year from each category of income that is subject to deposit pursuant to subsection D of this section. G. For the purposes of this section, "research infrastructure" means installations and facilities for continuance and growth of scientific and technological research activities at the university.