(1) Subject to Subsection (6) and legislative appropriation, the governing authority shall: (a) provide funding to help a research university honor its commitments to principal researchers employed by the research university; and (b) give priority to funding provided under Subsection (1)(a).

(a) provide funding to help a research university honor its commitments to principal researchers employed by the research university; and

(b) give priority to funding provided under Subsection (1)(a).

(2) The governing authority shall enter into a written agreement with a higher education institution that employs a principal researcher: (a) establishing performance standards and expectations for a principal researcher; and (b) requiring the higher education institution to require a principal researcher to comply with reporting requirements set forth in Section 63M-2-702.

(a) establishing performance standards and expectations for a principal researcher; and

(b) requiring the higher education institution to require a principal researcher to comply with reporting requirements set forth in Section 63M-2-702.

(3) (a) A principal researcher may not be hired on or after May 10, 2016 without the approval of the governing authority and the higher education institution. (b) A higher education institution that enters into or renews an agreement with a principal researcher on or after May 10, 2016 shall include in the agreement: (i) a specific time period for the commitment of USTAR funding; (ii) the amount of USTAR funding committed to the higher education institution for the principal researcher, specifying the purpose of the funding; (iii) an acknowledgment that the principal researcher understands and agrees to the reporting requirements and performance standards under this chapter; and (iv) the governing authority's written approval of the terms of the new or renewed agreement.

(a) A principal researcher may not be hired on or after May 10, 2016 without the approval of the governing authority and the higher education institution.

(b) A higher education institution that enters into or renews an agreement with a principal researcher on or after May 10, 2016 shall include in the agreement: (i) a specific time period for the commitment of USTAR funding; (ii) the amount of USTAR funding committed to the higher education institution for the principal researcher, specifying the purpose of the funding; (iii) an acknowledgment that the principal researcher understands and agrees to the reporting requirements and performance standards under this chapter; and (iv) the governing authority's written approval of the terms of the new or renewed agreement.

(i) a specific time period for the commitment of USTAR funding;

(ii) the amount of USTAR funding committed to the higher education institution for the principal researcher, specifying the purpose of the funding;

(iii) an acknowledgment that the principal researcher understands and agrees to the reporting requirements and performance standards under this chapter; and

(iv) the governing authority's written approval of the terms of the new or renewed agreement.

(4) The governing authority may not allocate money to a higher education institution for a principal researcher unless the higher education institution provides the reporting required under Section 63M-2-702.

(5) The governing authority may discontinue allocating money to a higher education institution for a principal researcher if the governing authority and the president of the higher education institution employing the principal researcher agree in writing that: (a) the principal researcher: (i) fails to meet the performance standards and expectations established under Subsection (2)(a); (ii) receives a reasonable opportunity to remedy the failure to meet performance standards and expectations; and (iii) fails to remedy the failure to meet performance standards and expectations; and (b) under the circumstances, discontinuing USTAR funding to the higher education institution for the principal researcher is appropriate and justified.

(a) the principal researcher: (i) fails to meet the performance standards and expectations established under Subsection (2)(a); (ii) receives a reasonable opportunity to remedy the failure to meet performance standards and expectations; and (iii) fails to remedy the failure to meet performance standards and expectations; and

(i) fails to meet the performance standards and expectations established under Subsection (2)(a);

(ii) receives a reasonable opportunity to remedy the failure to meet performance standards and expectations; and

(iii) fails to remedy the failure to meet performance standards and expectations; and

(b) under the circumstances, discontinuing USTAR funding to the higher education institution for the principal researcher is appropriate and justified.

(6) Beginning on July 1, 2018, and subject to Subsection (7), USTAR may not provide funding to help a research university honor its commitments to principal researchers employed by the research university.

(7) (a) Beginning on July 1, 2019, and until December 31, 2019, USTAR may liquidate funds from one or more escrow accounts that were created before July 1, 2018, related to a research university's commitments to principal researchers, and provide the funds to a research university as previously agreed in a written agreement entered into before July 1, 2018. (b) On January 1, 2020, 66.6% of any money left in an escrow account described in Subsection (7)(a) shall be transferred by USTAR to the University of Utah, and 33.4% of any money left in an escrow account described in Subsection (7)(a) shall be transferred by USTAR to Utah State University.

(a) Beginning on July 1, 2019, and until December 31, 2019, USTAR may liquidate funds from one or more escrow accounts that were created before July 1, 2018, related to a research university's commitments to principal researchers, and provide the funds to a research university as previously agreed in a written agreement entered into before July 1, 2018.

(b) On January 1, 2020, 66.6% of any money left in an escrow account described in Subsection (7)(a) shall be transferred by USTAR to the University of Utah, and 33.4% of any money left in an escrow account described in Subsection (7)(a) shall be transferred by USTAR to Utah State University.