(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 the university report amounts of tax credit certificates issued by the university and cease issuing certificates until the total amount owed to the General Fund at any one time under ORS 350.550 (6) does not exceed $8.4 million and is allocated as provided in section 6, chapter 31, Oregon Laws 2016; and

(3) That the university 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. [Formerly 351.692; 2016 c.31 §3]

Note: Section 6, chapter 31, Oregon Laws 2016, provides:

Sec. 6. (1) Except as provided in subsection (4) of this section, the total amount owed to the General Fund under ORS 350.550 (6), at any time prior to January 1, 2022, by a university that has elected to establish a university venture development fund under ORS 350.550 may not exceed the amounts listed in subsection (2) or (3) of this section.

(2)(a) For Oregon State University, $3,947,720.

(b) For Oregon Health and Science University, $1,023,770.

(c) For Portland State University, $1,275,840.

(d) For University of Oregon, $2,122,670.

(3) For each of the universities listed in this subsection, $7,500:

(a) Eastern Oregon University.

(b) Southern Oregon University.

(c) Western Oregon University.

(d) Oregon Institute of Technology.

(4) The presidents of any two or more universities that have established a university venture development fund under ORS 350.550 may achieve an annual agreement for the reallocation of amounts within their respective limits in this section. [2016 c.31 §6]