90-9-318. Research and development project loan agreement -- specific loan requirements -- payback. In addition to the loan requirements of 90-9-316, a research and development project loan agreement must be structured as contracted debt, including but not limited to the following terms:
     (1) The agreement must include provisions calling for a payback of 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 council's financing. This percentage rate may not exceed 5%.
     (2) The payback for an agricultural technology transfer and assistance project loan may be made pursuant to subsection (1) or may be realized in terms of indirect benefits related to the goals and criteria of the act. No more than 10% of the council's funds designated for research and development in any one fiscal year may be used for agricultural technology transfer and assistance loans.

     History: En. Sec. 8, Ch. 284, L. 1989.