90-3-524. Research and development project loan agreement -- specific requirements -- payback. In addition to the loan agreement provisions described in 90-3-522, a research and development project loan agreement must be structured as contracted debt with the following terms:
     (1) The agreement must include provisions calling for a payback of at least two times the original loan amount paid as a percentage of the income stream derived from the sale or other commercialization of products or processes developed with the board's financing as negotiated by the parties.
     (2) The payback on a research and development project loan for a technology transfer and assistance project may be made pursuant to subsection (1) or may be realized in terms of indirect benefits related to the goals and criteria of the program. No more than 10% of the board's annual allocation of research and development funds may be used for technology transfer and assistance projects. The payback on a research and development project loan for a technology transfer and assistance project made from the permanent coal tax trust fund may not be repaid in terms of indirect benefits.
     (3) The agreement between the board and the commissioner of higher education on the payback of a research and development project loan must guarantee a minimum annual payback of $250,000, commencing on June 30, 1994.

     History: En. Sec. 13, Ch. 316, L. 1989; amd. Secs. 9, 12, Ch. 594, L. 1991; amd. Sec. 7, Ch. 331, L. 1993.