| 1 | Representative(s) Glorioso offered the following: |
| 2 |
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| 3 | Amendment (with directory and title amendments) |
| 4 | Remove lines 589 through 600 and insert: |
| 5 | (12)(a) Investigator-initiated research grantees shall |
| 6 | reinvest annually 15 percent of the net royalty revenues, |
| 7 | including the revenues from the sale of stock from the licensing |
| 8 | or transfer of inventions, methods, processes, and other |
| 9 | patentable discoveries conceived or reduced to practice using |
| 10 | the research grant, in whole or in part, and to which the |
| 11 | grantee becomes entitled each year during the 20 years following |
| 12 | the effective date of the contract between the Johnnie B. Byrd, |
| 13 | Sr., Alzheimer's Center and Research Institute and the grantee. |
| 14 | (b) For purposes of this subsection, the term "net royalty |
| 15 | revenues" means all royalty revenues less the cost of obtaining, |
| 16 | maintaining, and enforcing related patent and intellectual |
| 17 | property rights, both foreign and domestic. |
| 18 | (c) The grantee shall annually submit to the Department of |
| 19 | Elderly Affairs a schedule of the shares of stock held by it as |
| 20 | payment of the royalty pursuant to paragraph (a) and report on |
| 21 | any trades or activity concerning such stock. |
| 22 | (d) Reinvestment payments made under this subsection shall |
| 23 | commence no later than 6 months after the grantee has received |
| 24 | the final disbursement and shall continue until the maximum |
| 25 | reinvestment has been paid. |
| 26 | (e) All reinvestment payments made pursuant to this |
| 27 | subsection shall be remitted to the Department of Elderly |
| 28 | Affairs for deposit in the General Revenue Fund. |
| 29 | (13) By June 1, 2009, the Division of Statutory Revision |
| 30 | of the Office of Legislative Services shall certify to the |
| 31 | President of the Senate and the Speaker of the House of |
| 32 | Representatives the language and statutory citation of this |
| 33 | section, which is scheduled to expire January 1, 2011. |
| 34 | (14) The Legislature shall review the performance, the |
| 35 | outcomes, and the financial management of the Johnnie B. Byrd, |
| 36 | Sr., Alzheimer's Center and Research Institute during the 2010 |
| 37 | Regular Session of the Legislature and shall determine the most |
| 38 | appropriate funding source and means of funding the center and |
| 39 | institute based on its review. |
| 40 | (15) This section expires January 1, 2011, unless reviewed |
| 41 |
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| 42 | ====== D I R E C T O R Y A M E N D M E N T ===== |
| 43 | Remove line 439 and insert: |
| 44 | respectively, and new subsections (8), (12), (13), (14), and |
| 45 | (15) are |
| 46 |
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| 47 | ======= T I T L E A M E N D M E N T ======= |
| 48 | Remove line(s) 56 and insert: |
| 49 | public records and meetings; providing for certain percentage of |
| 50 | reinvestment of grant funds awarded for investigator-initiated |
| 51 | research; providing for reinvestment funds to be paid to the |
| 52 | Department of Elderly Affairs for deposit into the General |
| 53 | Revenue Fund; providing for the repeal of |