The governing board of a public university listed in ORS § 352.002 shall adopt a policy that prescribes the requirements for a venture grant program and the requirements that a grant applicant must meet in order to receive grant moneys from the university venture development fund operated by the university, including requirements:

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(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]