(1) Successful pavement preservation grant recipients will receive approved monies after the beginning of the appropriate fiscal year for which the money was approved.

(2) All grant monies received under this program must be utilized specifically for pavement preservation projects that have a direct impact on pavements utilized by scheduled airline passenger service. The sponsor is responsible for retaining and providing documentation to ensure all monies received under the program are spent on appropriate pavement preservation projects.

(3) Pavement preservation grants awarded by the board will revert to the special aeronautics pavement preservation account in the state special revenue fund for future pavement preservation grants if a recipient refuses payment for the fiscal year for which the grant or loan was awarded.

(4) A recipient of a pavement preservation grant must retain all records of transactions and disbursements of pavement preservation grant monies for a period of three years after completion of the project for which the monies were awarded. By accepting a pavement preservation grant, a recipient agrees that upon reasonable notice, the state of Montana may audit the records supporting the acquisition and disbursement of the pavement preservation grant monies.