(a)
(1) Local governments who have entered into or who are attempting to enter into a cooperative agreement for cost-sharing to finance a water resources development project are eligible to apply for a loan or grant under this subchapter.
(2) Combinations of local governments may apply jointly for loans or grants authorized under this subchapter in accordance with the Interlocal Cooperation Act, § 25-20-101 et seq.
(b) The final award of the loan or grant for cost-sharing purposes shall be made contingent upon actual receipt of federal funding for the federal share of the water resources development project.
(c) The Arkansas Natural Resources Commission, by rule, shall specify the form and style of any forms needed for application by the local governments for loans or grants.
(d)
(1) Beginning each January 1, the commission shall take applications from the state and local governments for grants and loans to be awarded for water resources development projects for the next fiscal year.
(2) The annual deadline for loan or grant application shall be March 31 of each year.
(3) The commission shall award the grants and loans for the water resources development projects, contingent on the availability of funds, by June 30 of each year.