63N-24-605. Eligibility for assistance -- Applications -- Review by board -- Terms -- Security.
(1) To receive a loan or grant under this part, a county or the Tribe shall submit an application to the board that contains the information required by the board.
(2) The board may not fund:
(a) start-up or operational costs of private business ventures; and
(b) general operating budgets of the counties or the Tribe, except that the Tribe may use a grant or loan to fund costs associated with the management and administration of energy or mineral development on:
(i) lands held in trust by the United States for the Tribe and the Tribe's members; or
(ii) lands owned by the Tribe.
(3)(a) The board shall review each application for a loan or grant before approving a loan or grant application.
(b) The board may approve a loan or grant application subject to the applicant's compliance with the conditions established by the board.
(c) The board shall:
(i) ensure that each loan specifies the terms for repayment; and
(ii) secure the loans by proceeds from any general obligation, special assessment, or revenue bonds, notes, or other obligations of the appropriate subdivision.