(a)

1. (1) Financial assistance funds made available to an applicant by the Arkansas Natural Resources Commission shall be utilized and expended by the applicant solely and exclusively for the payment of authorized and allowable costs and expenses of the project for which assistance was approved.
2. (2) Any remaining funds shall be promptly returned to the commission upon request.

(b) In the event funds furnished to an applicant by the commission are not utilized and expended by the applicant for the specific project for which such funds were furnished within a reasonable period of time after disbursement to the applicant, or in the event the commission determines, at any time, that funds furnished were utilized and expended for any unauthorized or unallowable purpose, the applicant shall upon demand return or otherwise pay or reimburse to the commission:

1. (1) Any and all such unused funds; or
2. (2) Any amounts of funds used and expended for unauthorized or unallowable purposes.