(a) The board of directors of an open-enrollment public charter school may request a grant from the Open-Enrollment Public Charter School Capital Grant Program under this subchapter by filing a formal application with the Division of Public School Academic Facilities and Transportation using the form and in the manner required by rules of the Commission for Arkansas Public School Academic Facilities and Transportation.
(b) The application shall contain the following information without limitation:
(1) The open-enrollment public charter school's:
(A) Name;
(B) Local education agency number; and
(C) Location;
(2) A certified copy of the written resolution of the board that includes without limitation:
(A) The board's authorization for filing the application; and
(B) The date and place of the meeting of the board at which the action was taken;
(3) The proposed use for the proceeds of the grant;
(4) The amount of the grant requested and supporting evidence upon which the amount is based; and
(5) Additional information required by the division.
(c) The open-enrollment public charter school shall:
(1) Execute the application in duplicate;
(2) File the original with the division; and
(3) Retain one (1) copy in the files of the open-enrollment public charter school.
(d) Within a reasonable time after its receipt of an application for a grant from the Open-Enrollment Public Charter School Capital Grant Program under this subchapter, the division shall review the accuracy and merits of the application and either:
(1) Approve the application for the full amount of the grant request;
(2) Approve the application for a grant of a lesser amount than the amount requested; or
(3) Reject the application.