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.