(1)  All intellectual property rights including any patents, copyrights, trademarks, and trade secrets developed by the loan recipient with use of funds provided by the council shall be owned by the recipient.

(2)  The loan recipient shall have each of its employees, agents, independent contractors and others who may reasonably be expected to create intellectual property rights sign an agreement with the loan recipient, subject to approval by the council, whereby such other persons shall assign any and all intellectual properties to the funding recipient where any invention, discovery, improvement or other intellectual property right is conceived, created or reduced to practice during the term of the loan.

(3)  Unless otherwise required by law, information submitted by an applicant will be treated as confidential, except the following:

(a)  name and address of applicant;

(b)  short description of proposed agricultural development project;

(c)  amount of requested loan;

(d)  the program(s)  under which the applicant is applying;

(e)  any other information in which the demand of individual privacy does not clearly exceed the merits of public disclosure; and

(f)  any information in which the demand of individual privacy clearly exceeds the merits of public disclosure when the applicant has expressly waived his right to privacy.

(4)  The council shall maintain public files on each completed application received containing the following information:

(a)  items (3)  (a)  through (f)  of this rule;

(b)  all written documents received or prepared concerning items (3)  (a)  through (f)  of this rule;

(c)  a brief statement of council action regarding the application including the council's approval or disapproval of the application, the terms and payback provision.

(5)  This rule is based on the council's finding that except for the information described in items (3)  (a)  through (f)  , the demands of individual privacy clearly exceed the merits of public disclosure of the personal, financial and business information that is contained in applications submitted to the council.