90-9-316. Agricultural development project loan agreement -- contents -- council decisions final. (1) If the council determines that an agricultural development project meets the criteria established in this chapter and has complied with the applicable procedures and review processes established by the council, the council may enter into an agricultural development project loan agreement with the company and authorize the disbursement of funds to the company.
     (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 at designated times in each area;
     (c) the reporting requirements, including but not limited to:
     (i) financial statements to be submitted on at least an annual basis as determined by the council;
     (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 council;
     (f) the causes for loan revocation, suspension, or termination; and
     (g) the intellectual property provisions.
     (3) All decisions of the council are final and are not subject to the contested case provisions of Title 2, chapter 4.

     History: En. Sec. 6, Ch. 284, L. 1989.