(1) There is created a restricted account within the General Fund known as the "Industrial Assistance Account" of which annually: (a) up to 50% of the unencumbered money in the account may be used in economically disadvantaged rural areas; and (b) up to the greater of $250,000 or 25% of the unencumbered money in the account may be used to take timely advantage of economic opportunities as they arise.
(a) up to 50% of the unencumbered money in the account may be used in economically disadvantaged rural areas; and
(b) up to the greater of $250,000 or 25% of the unencumbered money in the account may be used to take timely advantage of economic opportunities as they arise.
(2) The administrator shall administer the restricted account created under Subsection (1) under the policy direction of the board.
(3) The administrator may hire appropriate support staff to perform the duties required under this section.
(4) The cost of administering the restricted account shall be paid from money in the restricted account.
(5) Interest accrued from investment of money in the restricted account shall remain in the restricted account.
(6) The office shall review the activities and progress of grant recipients under this chapter on a regular basis and, as part of the office's annual written report described in Section 63N-1-301, report on the economic impact of activities funded by the grants.
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