Section 23-18-1203 - Rural Broadband I.D. Expenses Trust Fund - Management of grant application process(a) The Institute for Digital Health and Innovation of the University of Arkansas for Medical Sciences shall manage the Rural Broadband I.D. Expenses Trust Fund grant application process for local entities to receive funds under the Rural Broadband I.D. Expenses Trust Fund.(b) The institute shall: (1) Determine Rural Broadband I.D. Expenses Trust Fund grantees;(2) Promulgate rules necessary to implement this subchapter;(3)(A) Determine the amount of the Rural Broadband I.D. Expenses Trust Fund grant funds disbursed to an applicant.(B) An applicant may be a prospective and qualified applicant for a federal grant or loan for a broadband development program under the federal regulations promulgated by the Federal Communications Commission, the United States Department of Agriculture, or another federal agency;(4) Make the determination if the grants shall be awarded; and(5) Inform the Treasurer of State when a determination is made to award Rural Broadband I.D. Expenses Trust Fund grants.(c) The Rural Broadband I.D. Expenses Trust Fund grants awarded under this subchapter shall: (1) Not exceed seventy-five thousand dollars ($75,000) per grant;(2) Be limited to thirty (30) one-time grant awards; and(3) Be made to a financial institution designated by the local entity that is a Rural Broadband I.D. Expenses Trust Fund grantee and that has accounts insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration.(d)(1) A local entity that is a Rural Broadband I.D. Expenses Trust Fund grantee shall: (A) Manage the funds it receives for conducting broadband due-diligence business studies; and(B) File with the institute an audited accounting of disbursed funds for conducting broadband due-diligence business studies, which shall include information concerning the organizations conducting the broadband due-diligence business studies, the amount paid to those organizations, and the due date of broadband due-diligence business studies.(2) The accounting described in subdivision (d)(1)(B) of this section shall be filed no later than:(A)(i) Four (4) months from the date of receipt of the funds.(ii) A local entity that files an accounting under subdivision (d)(2)(A)(i) of this section shall file an additional accounting at the conclusion of the broadband due-diligence business study; or(B) Nine (9) months after receipt of the funds.(e) Any funds not spent on the broadband due-diligence business study shall be paid back to the Treasurer of State within nine (9) months after receipt of the disbursement.Added by Act 2023, No. 875,§ 28, eff. 7/1/2023.