7.1 The Arkansas Waterways Commission shall make the final decision to select recipients of funding from the Arkansas Port, Intermodal, and Waterway Development Grant Program. Funding decisions will be based on information derived from the Program review.

7.2 The Arkansas Waterways Commission will notify all applicants, selected or not, within 15 business days of the Commission's decision.

7.3 The Arkansas Waterways Commission will notify the state Treasurer's office and the Treasurer's office will mail warrants or direct deposit funds for approved projects.

7.4 Grant recipients shall designate a bank account with routing information for grant funds and matching funds. Before grant award is remitted, grant recipient must demonstrate that the cash match is in this account within 60 days of notice of award to recipient, or forfeiture of grant award will occur.

7.5 Grant recipients must expend grant funds within a year from award date or the Arkansas Waterways Commission must grant an extension upon proof that all reasonable efforts have been made to comply. Grant funds shall be utilized and expended by the applicant solely and exclusively for the payment of authorized and allowable costs and expenses of the project for which assistance was approved.

7.6 If all grant funds are not utilized and expended by the applicant for the specific Project for which such funds were furnished within one year, the grant recipient shall return or otherwise pay or reimburse to the Commission any and all such unused funds or any amounts of funds used and expended for unauthorized or unallowable purposes; or the applicant may submit a request to the Director of the Arkansas Waterways Commission to use leftover funds for another project. The Commissioners of the Arkansas Waterways Commission shall approve or disapprove the request.

7.7 The grant award recipient must deposit the exact amount applicant stated in the grant application if awarded the full amount requested. If the full amount requested is not awarded, the applicant will deposit 10% of the awarded amount, unless it is a dredge project, in which case 50% must be deposited.