90-3-522. Science and technology development project loan agreement. (1) The board shall enter into a science and technology development project loan agreement with a loan recipient whose product or process will be developed and commercialized as a result of a science and technology development project loan.
     (2) The loan agreement, at a minimum, must contain the following provisions:
     (a) the project budget;
     (b) the financing, marketing, and production milestones for the project that describe project tasks to be achieved in each phase of the project at designated times;
     (c) the reporting requirements, including but not limited to:
     (i) quarterly financial statements;
     (ii) quarterly commercialization progress reports;
     (iii) annual reports; and
     (iv) reports on any significant project transactions;
     (d) the disbursement schedule for the loan;
     (e) the payback to the board;
     (f) the causes for loan revocation, suspension, or termination; and
     (g) the intellectual property provisions, when applicable.

     History: En. Sec. 11, Ch. 316, L. 1989; amd. Sec. 3, Ch. 566, L. 1991.