(a) Unless otherwise provided or approved by the Arkansas Natural Resources Commission, or unless reduced or waived in whole or part by the commission for cause, each applicant will be expected to repay and reimburse to the commission over a period not in excess of the expected useful life of the project, and the project agreements will provide for repayment of all amounts of financial assistance provided by the commission, including:

1. (1) The commission’s cost of funds provided; and
2. (2) A proportionate and equitable share of the expense of administration of the applicable commission program.

(b) Each applicant shall comply with the terms and conditions established by the commission or Director of the Arkansas Natural Resources Commission prior to disbursements and during the time period when the financial assistance provided by the commission is outstanding, including without limitation the following:

1. (1) Amount of financial assistance;
2. (2) Source, type, and form of funding;
3. (3) Interest rate;
4. (4) Revenues;
5. (5) Debt service reserve;
6. (6) Depreciation reserve;
7. (7) Audits;
8. (8) Financial statements;
9. (9) Management letters;
10. (10) Letters of conditions or notification; and
11. (11) Applicable state and federal laws.