Section 15-34-9 - Maximum grant amount; disbursement(a) Maximum grant amounts shall not exceed $500,000 or fifty per cent of the amount of the grant awarded to the business by the United States Department of Defense Office of Naval Research, whichever is less.(b) For awards greater than $150,000, the grant amount shall be disbursed as payments based on milestones approved by the chief executive officer of the development corporation.[Eff 3/11/2016] (Auth: Act 159, SLH 2015) (Imp: Act 159, SLH 2015)[Am and comp 2/3/2019] (Auth: Act 67, SLH 2018) (Imp: Act 67, SLH 2018)