63M-2-204 - Financial participation agreement. - Utah Statutes

63M-2-204. Financial participation agreement.
(1) In consideration of the money and services provided or agreed to be provided, thestate of Utah, Utah State University, and the University of Utah covenant and agree that they willallocate 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 moneydistributed proportionately based upon which university conducted the research that generatedthe commercialization revenues; and
(ii) $5,000,000 to the Governor's Office of Economic Development for the Centers ofExcellence program created by Chapter 1, Part 7, Centers of Excellence Act; and
(b) for all subsequent money received:
(i) 50% to Utah State University and the University of Utah, with the money distributedproportionately based upon which university conducted the research that generated thecommercialization 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 ofExcellence 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 Excellenceprogram by Subsection (1)(a)(ii) to Utah State University and the University of Utah based uponwhich institution performed the research that generated the commercialization revenues; and
(b) credit those amounts to the universities as matching funds under Subsection63M-1-702(2).

Renumbered and Amended by Chapter 382, 2008 General Session