Oregon Statutes - Chapter 351 - Higher Education Generally - Section 351.692 - Venture grant program; applicant requirements.

The State Board of Higher Education shall adopt policies that prescribe the requirements for a venture grant program and the requirements that a grant applicant must meet in order to receive grant moneys from a university venture development fund, including requirements:

(1) That a grant recipient remain within this state for at least five years following the receipt of a grant or repay the grant plus interest;

(2) That each university that establishes a university venture development fund report amounts of tax credit certificates issued by the university and maintain records of income realized by the university as the result of grants made from the fund and records of amounts paid to the General Fund; and

(3) Under which the Oregon University System is to maintain records and issue directions to universities that have established university venture development funds relating to when universities must cease issuing certificates, in order to ensure that the total amount owed to the General Fund by the Oregon University System at any one time under ORS 351.697 (6) does not exceed $6 million. [2005 c.592 §2; 2007 c.586 §2]

Note: 351.692, 351.695 and 351.697 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 351 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

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Last modified: August 7, 2008