"Operating expenditures"; amount and use of grants

Sec. 15. (a) For purposes of this section, "operating expenditures" includes the following: (1) Business plans. (2) Marketing studies. (3) Mentor identification. (4) Securitization of capital. (5) Legal services. (6) Other necessary services. (b) The total of all grants provided under this chapter for a technology park may not exceed the following: (1) Two million dollars ($2,000,000) for the leasing, construction, or purchase of capital assets. (2) Two million dollars ($2,000,000) for operating expenditures, and, subject to subsection (d), with not more than five hundred thousand dollars ($500,000) being distributed in any one (1) fiscal year. (c) This subsection applies to a grant provided under subsection (b)(1) for the leasing of a capital asset. The grant may be applied only to lease payments made during: (1) the fiscal year; or (2) each of the three (3) fiscal years immediately following the fiscal year; in which the grant is provided. (d) The annual distribution of a grant under subsection (b)(2) may not exceed the following: (1) Eighty percent (80%) of total operating expenditures in the fiscal year in which the grant is provided. (2) Sixty percent (60%) of total operating expenditures in the fiscal year after the fiscal year in which the grant is provided. (3) Forty percent (40%) of total operating expenditures in the second fiscal year after the fiscal year in which the grant is provided. (4) Twenty percent (20%) of total operating expenditures in the third fiscal year after the fiscal year in which the grant is provided. As added by P.L.4-2005, SEC.34.