(1) To receive a loan or grant under this part, a county or the Tribe shall submit an application to the board that contains the information required by the board. (2) The board may not fund: (a) start-up or operational costs of private business ventures; and (b) general operating budgets of the counties or the Tribe, except that the Tribe may use a grant or loan to fund costs associated with the management and administration of energy or mineral development on: (i) lands held in trust by the United States for the Tribe and the Tribe's members; or (ii) lands owned by the Tribe. (3) (a) The board shall review each application for a loan or grant before approving a loan or grant application. (b) The board may approve a loan or grant application subject to the applicant's compliance with the conditions established by the board. (c) The board shall: (i) ensure that each loan specifies the terms for repayment; and (ii) secure the loans by proceeds from any general obligation, special assessment, or revenue bonds, notes, or other obligations of the appropriate subdivision. Renumbered and Amended by Chapter 393, 2026 General Session
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