(a)

1. (1) All Military Affairs Grants Program grants shall be awarded at the discretion of the Executive Director of the Arkansas Economic Development Commission.

2. (2) Grant agreements shall specify the:

   1. (A) Eligibility date for incurring costs for the project or program;
   2. (B) Projected completion date of the portion of the project or program funded by the grant;
   3. (C) Terms and conditions of the grant agreement;
   4. (D) Amount of approved costs; and
   5. (E) Process by which grant funds shall be disbursed to the grantee.

(b) The amount of the grant:

1. (1) Shall be discretionary; and

2. (2) May be for amounts less than requested, subject to:

   1. (A) Funding availability; and
   2. (B) The Executive Director of the Arkansas Economic Development Commission’s discretion.

(d) Grants will be executed according to the following process:

1. (1) Two (2) original copies of the grant agreement will be prepared by the Military Affairs Director and forwarded to the grantee for signature and return;

2. (2) Upon receipt of the signed grant agreements from the grantee, the Military Affairs Director will:

   1. (A) Prepare an approval letter; and
   2. (B) Forward the grant agreement and the approval letter to the Executive Director of the Arkansas Economic Development Commission for signature; and
3. (3) One (1) original copy of the grant agreement will be forwarded to the grantee with the approval letter.