(1) Successful applicants will receive approved monies after the start of the appropriate fiscal year for which the money was approved.

(2) All grant or loan offers will expire and all grant or loan payments must be disbursed by the end of the fiscal year for which they were approved, unless the Montana Aeronautics Board has approved an extension for the offer. All requests for extension shall be submitted to the Montana Aeronautics Division to be received or postmarked no later than the third Friday in May. This deadline may be subject to change by the Aeronautics Division after official notification of any change in deadlines is posted on the Department of Transportation's website and sent to all affected grant or loan offer recipients.

(3) Successful applicants who have been offered a grant or loan must submit the following documentation, or any combination as requested by the board in its grant or loan application approval, prior to receiving payment for approved grants or loans. Copies, examples, or official forms for the items below may be obtained from the Aeronautics Division.

(4) A grant for a nonfederally aided project must include:

(a) signed approval of sponsor's attorney; and

(b) official notice to proceed.

(5) A loan for a nonfederally aided project must include:

(a) signed approval of sponsor's attorney;

(b) signed loan repayment resolution; and

(c) official notice to proceed.

(6) A grant for a federally aided project must include:

(a) signed approval of sponsor's attorney; and

(b) copy of federal aid agreement.

(7) A loan for a federally aided project must include:

(a) signed approval of sponsor's attorney;

(b) signed loan repayment resolution; and

(c) copy of federal aid agreement.

(8) If an applicant fails to submit required documentation necessary for disbursement, or requests an extension for disbursement but does not receive disbursement within the fiscal year for which the grant or loan was awarded, grants and loans will revert back to the same special aeronautics grant or loan account in the state special revenue fund from which they were originally appropriated. The reverted funds may then be awarded in the future to any successful applicant.

(9) Grants and loans awarded by the board for a fiscal year, but not requested by the applicant within that fiscal year, will revert back to the same special aeronautics grant or loan account in the state special revenue fund from which they were originally appropriated to be used for future grant or loan awards to any applicant.