§ 14-144-312 — Use of surplus funds

(a) If a research park authority realizes a surplus, whether from operating the research park facilities and other facilities or leasing it or them for operation, over and above the amount required for the maintenance, improvement, and operation of the research park facility and other facilities and for meeting all required payments on its obligations, the authority shall set aside the reserve for future operations, improvements, and contingencies as the authority deems proper and shall then apply the residue of the surplus, if any, to the payment of any recognized and established obligations not then due. (b) After all the recognized and established obligations have been paid off and discharged in full, the authority shall set aside at the end of each fiscal year the reserve for future operations, improvements, and contingencies as prescribed in subsection (a) of this section and then pay the residue of the surplus, if any, to the sponsoring county, municipality, accredited institution of higher education and, if applicable, state agency in direct proportion to each sponsor's financial contributions to the authority, if the distribution of the residue of the surplus does not violate United States law or the terms of any deed, grant agreement, or other agreement with the United States.

Legislative History

Acts 2007, No. 1045, § 1.