A. The Office, with the participation and advice of the Broadband Expansion Council and approval from the Board, shall establish the State Broadband Grant Program. The Program shall include development of competitive grants to be awarded to applicants seeking to expand access to broadband Internet services in this state, focusing on areas considered unserved and underserved by the FCC. The Office, Council, and Board shall examine best practices in other states to facilitate the framework of the Program. The Office shall administer the Program.

B. No grants shall be developed or awarded under the provisions of this program that would duplicate existing broadband Internet services in this state.

C. In the administration of the grant program authorized by this section, the Office shall secure service testing data to ensure grant recipients provide the service or services proposed by such recipients when applying for such grants.

D. All grant awards authorized pursuant to the provisions of this section shall include a clawback provision. For purposes of this subsection, a “clawback provision” shall mean a condition precedent to participate in the program whereby a grant recipient formally agrees to reimburse the program all or part of a grant award upon the failure of the recipient to fulfill contract terms included in the grant award.

E. There is hereby created in the State Treasury a revolving fund for the Office to be designated the “State Broadband Grant Program Revolving Fund”. The revolving fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies designated for deposit to said fund. All monies accruing to the credit of said revolving fund are hereby appropriated and may be budgeted and expended by the Office for purposes of awarding grants by and through the Office pursuant to subsection A of this section and for the operating expenses of the Office.