(1) Upon a decision by the board to fund a research and commercialization
project, the board will enter into a funding agreement with the applicant.
(2) The board may
disburse the funds contemplated in the funding agreement according to
(3) The funding
recipient must submit progress reports to the board as required in the funding
agreement. The progress reports shall
include, but not be limited to:
(a) financial status
of the project;
(b) overall project
(c) progress in
accomplishing performance benchmarks.
(4) A final report is
due upon completion of the project term.
(5) If the funding agreement is in the form of a
loan, the interest on the loan will be at a rate determined by the board. The funding agreement will contain, among
other provisions, a default provision if the terms of the loan are not met.
(6) If the funding
agreement is in the form of a grant, the statutorily required matching funds
must be in the possession of the applicant at the time grant funds are