1. (a) If federal money will not be used in conjunction with fund money, a qualified entity that wants a grant from the fund must submit an application for the grant to the corporation. The corporation shall review the application and may approve the application if the activities for which the grant money is to be used are activities:

   1. (1) that the qualified entity has statutory authority to perform; and
   2. (2) for which this chapter permits fund money to be used.

2. (b) When fund money is to be used to match federal money, a qualified entity that wants a grant must submit to the corporation an application for a grant under the federal program. The corporation shall review the application and shall submit the application to the federal agency if the corporation finds that the activities for which the grant money is to be used are activities:

   1. (1) that the qualified entity has statutory authority to perform; and

   2. (2) for which the federal program permits money to be used.

      Before submitting an application to the federal agency, the corporation must also approve the completeness and technical accuracy of the qualified entity's application.

3. (c) Money from the fund and money from a federal program may be used for the following projects:

   1. (1) Public works.
   2. (2) Technical assistance.
   3. (3) Economic adjustment assistance.
   4. (4) Other economic development programs.
4. (d) If the qualified entity proposes to use its money for a loan program, the application from the qualified entity must contain the conditions under which loans will be made and the interest rate that will be charged.

As added by P.L.4-2005, SEC.34.