(1) All grant or loan monies awarded under this program must be utilized specifically for aviation or aeronautically related projects. The proposed projects must be detailed in an application submitted by a public sponsor, on a form provided by the board. The applicant is responsible for retaining and providing documentation to ensure all monies received under the program are spent as applied for within the application.
(2) Applicants may submit one application only for each eligible public sponsor. A single sponsor may apply for funding for multiple aeronautically related projects or for multiple separate categories of work within a project by listing separate line items for which a grant or loan is sought. Retroactive projects which have been completed before the date of application are also eligible for grants or loans. Separate projects or categories of work on each application shall be evaluated, reviewed, and selected for award individually, according to the board's priority process under ARM 18.13.406.
(3) Changes by the applicant to application information may be made at any time up to and including the date of the board's annual grant and loan review meeting, if the changes meet all original application requirements. Changes may include, but are not limited to: cost estimates, change in sponsor priorities of separate line-item categories of work, and other changes as allowed by the board. New projects or new categories of work which did not appear on the original application will not be considered by the board. Applications may be withdrawn by an applicant at any time.
(4) Grants may be awarded for up to and including 100% of an applicant's share of total project cost regardless of assistance from federal sources.
(5) Loans may be provided for up to and including 100% of an applicant’s share of total project cost regardless of assistance from federal sources.
(6) Loans will be provided for a period of ten years and amortized using the fixed principal method. Interest repayment rates for loans are one half of federal prime lending rate of the first week of January of the preceding fiscal year for which the loan is provided. Interest will be compounded annually. Repayments are made annually and are due in full, or prorated as necessary, by the last day of February of each year. Successful applicants have the option of paying off their loans in full at any time after payment of award without additional interest or penalty.
(7) Grant and loan recipients must follow the board's close-out procedure under ARM 18.13.407 at the conclusion of the eligible project or category of work approved by the board. A recipient of a grant or loan must retain all records of transactions and disbursements of grant or loan monies for a period of three years after completion of the project for which the grant or loan was awarded. By accepting a grant or loan, a recipient agrees that upon reasonable notice, the state of Montana may audit the records supporting the acquisition and disbursement of the grant or loan monies.