Arizona Revised Statutes Title 15. Education § 15-1670. Appropriations for university research infrastructure facilities; university transfers; annual report; definitions

A. In fiscal years 2017-2018 through 2030-2031, the following sums are appropriated from the state general fund to Arizona state university for lease-purchase capital financing for research infrastructure projects:

B. In fiscal years 2017-2018 through 2030-2031, the following sums are appropriated from the state general fund to the university of Arizona for lease-purchase capital financing for research infrastructure projects:

C. In fiscal years 2017-2018 through 2030-2031, the following sums are appropriated from the state general fund to northern Arizona university for lease-purchase capital financing for research infrastructure projects:

D. Lease-purchase financing agreements under subsections A, B and C of this section:

E. The appropriations under subsections A, B and C of this section constitute continuing year-to-year appropriations but do not constitute an obligation of the legislature or this state to continue the appropriation in any fiscal year. The annual appropriation is a current expense of this state in the fiscal year in which it occurs and is not a general obligation indebtedness of this state or of any university. If the appropriation is discontinued in any fiscal year, this state and the university are relieved of any subsequent obligation pursuant to this section.

F. Beginning in fiscal year 2018-2019 and in each subsequent fiscal year for which an appropriation is made pursuant to subsections A, B and C of this section, for each individual licensure agreement, royalty agreement or agreement for the sale or transfer of intellectual property developed by a university that is entered into by the university or a component unit of the university and for which the net income for the individual agreement reaches $1,000,000 over its cumulative lifetime, each university shall transfer to the state treasurer not later than October 1 following the close of the fiscal year an amount equal to twenty percent of the cumulative net income exceeding the $1,000,000 threshold minus amounts deposited in previous years. The state treasurer shall deposit the monies received from the universities pursuant to this subsection in the financial aid trust fund established pursuant to § 15-1642.

G. When calculating the cumulative net income pursuant to subsection F of this section, the university may not reduce its required deposits from any agreements due to net income or expenses associated with other projects.

H. The amount transferred to the state treasurer in each fiscal year by each university pursuant to subsection F of this section shall not exceed the amount appropriated in that fiscal year under subsection A, B or C of this section and § 15-1671, subsections B and C, respectively.

I. On or before October 1 of each year, each university shall report to the joint legislative budget committee the total amount of income and the total amount of net income the university received in the preceding fiscal year from each category of income that is subject to deposit pursuant to subsection F of this section.

J. For the purposes of this section: