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If the amount of money in the fund is not sufficient to initially award grants for all the ranked applications as provided in 3 AAC 107.340(d) , the authority shall notify the successful applicants for whom there is insufficient money in the fund to award grants. The notice must include a statement that the applicant's application was ranked but that there was insufficient money in the fund to award the grant. The notice also must inform the successful applicant that (1) if additional money becomes available in the fund in the same fiscal year, the authority, to the extent of that additional available money, will award grants to the remaining successful applicants in the order in which their applications were ranked; and (2) if the applicant does not receive a grant in the fiscal year for which the applicant applied, the applicant must resubmit its application within the time required for the following fiscal year to be considered for a grant in that period. If additional money becomes available in the fund, the authority shall award additional grants as described in the notice. The authority may award a grant to an applicant in an amount less than the amount requested by the applicant if there is insufficient money in the fund to award the full amount requested and if the purposes of the grant can be carried out with less than the full amount requested.
History: Eff. 6/29/94, Register 131; am 11/25/94, Register 132
Authority: AS 42.45.100
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Last modified 7/05/2006