Section 2707 - Implementation(a) Requirements.--The following apply: (1) The requirements for the administration of the program shall be as follows: (i) An application for a grant under this section must be received by a deadline established by the authority under section 6.(ii) The authority shall execute a grant agreement between the board and a grant recipient before the payment of a grant award.(iii) A grant recipient shall maintain full and accurate records for the project.(iv) A grant recipient shall submit to the authority copies of all canceled checks or other records verifying expenditures of grant money.(v) A grant recipient shall submit to the authority a final report of the project, including any information as required by the board.(2) The authority may establish additional requirements for the program as the authority deems necessary to administer the program.(b)Restrictions and limitations.--The following apply: (1) A grant recipient may not commence work on a project before receiving authority approval of the grant under section 6. Commencement of work prior to receiving authority approval will result in a project application being ineligible for funding consideration.(2) A grant recipient may not make a substantial change to an approved project without first obtaining authority consent in writing.(3) Any unused portion of a grant award shall be returned to the authority.(4) Grant money may only be used for new projects approved by the board.(5) Grant money may not be used for any of the following: (i) Paying fees for securing financing.(ii) Paying interest on borrowed money.(iii) Refinancing existing debt.(iv) Paying for lobbying services.(vi) Application preparation fees.(6) The authority may establish additional restrictions and limitations as the authority deems necessary to administer the program.(c) Account.--The authority shall establish the Unserved High-Speed Broadband Funding Program Account. The following shall apply: (1) The purpose of the account is to award grants under this act.(2) The following shall be sources of funding for the account: (i) Appropriations, including Federal money.(ii) Return on the money in the account.(3) Money in the account is continuously appropriated to the account. This appropriation shall not lapse at the end of a fiscal year.(d) Guidelines.--Within 180 days of the effective date of this section, the board shall adopt guidelines to implement this section. The guidelines shall include provisions for submission, review and approval of applications, award of grants and administration of projects funded under the program, including a provision for reasonable oversight and reporting to ensure that project grant awards are used as intended. (e)Construction.--Nothing in this section shall be construed to preclude the authority from considering an applicant's financial ability to complete a proposed project or making reasonable requests for information necessary for the oversight and administration of projects awarded grant funding.Added by P.L. TBD 2020 No. 132, § 7, eff. 11/25/2020.