The board may revoke funding commitments or seek repayment of funds loaned or granted, or take both actions, if any of the following are true:
- (1) The terms of the project agreement have not been fulfilled.
- (2) The department of natural resources finds that the application contained inaccuracies, omissions, errors, or misrepresentations.
- (3) The time schedule for project completion was misrepresented or has not been maintained.
- (4) The authority fails to comply with section 4(a)(7) of this chapter.
As added by P.L.40-1995, SEC.3.