(a) The authority is hereby authorized to make grants of money derived from the sale of its bonds, to grantees for use by the grantees for any one or more of the following purposes:

(1) The making of surveys to determine the location of suitable project sites in the locality of the grantee.

(2) The making of surveys to determine the availability of labor in the locality of the grantee and to classify such labor in terms of skills and educational level.

(3) The preparation of project sites.

(4) Any combination of any of the foregoing which the grantees consider appropriate and necessary for the promotion of industrial development in their respective localities.

(b) Provided, however, that 20 percent of the grant funds shall be expended specifically in rural areas of the state and/or areas with high unemployment and low personal income levels. The Director of the State Industrial Development Authority shall report annually to the Chairs of the House Ways and Means, General Fund Committee and the Senate Finance and Taxation, General Fund Committee and the Legislative Fiscal Officer the status of all grants allotted and specifically those grants allotted in rural areas of the state and/or areas with high unemployment and low personal income levels.

(c) Every grant of money made by the authority, any part of which is made from the proceeds of the authority's bonds, shall be made subject to the terms and conditions set forth herein, which are hereby declared to be legally enforceable, and may be enforced by the authority, in any court of competent jurisdiction.

(d) Each application to the authority shall set forth the following:

(1) A description of the qualifying project;

(2) The estimated capital costs of the qualifying project; and

(3) Such other information, certification, and agreements as may be required by the authority to be contained in any application.

(e) Subject to receipt of an application and other required documentation and agreements in form and substance satisfactory to the authority, the grantee, subject to availability of funds, shall receive grants as follows:

(1) For qualifying projects having capital costs of less than $200,000, an amount equal to 5 percent of the capital costs of the qualifying project;

(2) For qualifying projects having capital costs of not less than $200,000, but less than $500,000, an amount equal to 3.5 percent of the capital costs of the qualifying project, with a minimum grant of $10,000;

(3) For qualifying projects having capital costs of not less than $500,000, but less than $1,000,000, an amount equal to 2.5 percent of the capital costs of the qualifying project, with a minimum grant of $20,000;

(4) For qualifying projects having capital costs of not less than $1,000,000, but less than $2,000,000, an amount equal to 1.5 percent of the capital costs of the qualifying project, with a minimum grant of $28,000;

(5) For qualifying projects having capital costs of not less than $2,000,000, but less than $10,000,000, an amount equal to 1 percent of the capital costs of the qualifying project, with a minimum grant of $32,000; and

(6) For qualifying projects having capital costs of not less than $10,000,000, an amount equal to .75 percent of the capital costs of the qualifying project, with a minimum grant of $100,000 and a maximum grant of $150,000.

(f) The authority shall have the power to audit the disbursements by the grantees from such grant or grants.

(g) The authority may specify any appropriate terms and conditions to facilitate the enforcement of the foregoing provisions of this section.

(h) The Director of the State Industrial Development Authority shall report annually to each member of the Legislature on the number and amount and location of grants distributed by the authority. The report for the previous fiscal year shall be reported by the second legislative day of each regular session.

(i) All grants made by the State Industrial Development Authority prior to April 6, 2018, are hereby ratified, confirmed, and approved.