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(1) The division may grant money under Subsection 53-2a-1302(4)(b) appropriated from the account after receiving an application from a community for post hazard mitigation if:
(a) the non-lapsing balance available from money appropriated by the Legislature for the previous fiscal year exceeds the amount of money appropriated by the Legislature for the current fiscal year; and
(b) the total money granted by the division for post hazard mitigation does not exceed the difference between the amount of non-lapsing funds from the previous fiscal year and the amount of money appropriated by the Legislature for the current fiscal year.
(2) A community is eligible to receive a post hazard mitigation grant if the division determines the post hazard mitigation to be funded by the post hazard mitigation grant:
(a) is reasonably likely to mitigate:
(i) economically significant property damage resulting from a disaster; or
(ii) threats to human safety resulting from a disaster;
(b) will be designed and constructed in a economically efficient manner that comports with accepted industry standards; and
(c) addresses a threat of disaster that is plausible and not merely speculative.