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(1) The impact board shall:
(a) make grants and loans from the amounts appropriated by the Legislature out of the impact fund to state agencies, subdivisions, and interlocal agencies that are or may be socially or economically impacted, directly or indirectly, by mineral resource development for:
(i) planning;
(ii) construction and maintenance of public facilities; and
(iii) provision of public services;
(b) establish the criteria by which the loans and grants will be made;
(c) determine the order in which projects will be funded;
(d) in conjunction with other agencies of the state, subdivisions, or interlocal agencies, conduct studies, investigations, and research into the effects of proposed mineral resource development projects upon local communities;
(e) sue and be sued in accordance with applicable law;
(f) qualify for, accept, and administer grants, gifts, loans, or other funds from:
(i) the federal government; and
(ii) other sources, public or private; and
(g) perform other duties assigned to it under Sections 11-13-306 and 11-13-307.
(2) Money, including all loan repayments and interest, in the impact fund derived from bonus payments may be used for any of the purposes set forth in Subsection (1)(a) but may only be given in the form of interest bearing loans to be paid back into the impact fund by the agency, subdivision, or interlocal agency.
(3) The impact board may make a grant or loan under Subsection (1) regardless of whether the activity results in more than one impact or outcome, including an increase in natural resource development or an increase in economic development.
(4) If the public service described in Subsection (1)(a) is a contract with a public postsecondary institution described in Subsection 35A-3-302(9)(b)(iii), the contract shall be:
(a) based on an application to the impact board from the impacted county; and