Section 231.NEW - [Newly enacted section not yet numbered] [Approval of application for certificate of eligibility for matching funds]1. If the Office of Economic Development approves an application for a certificate of eligibility for matching funds submitted pursuant to paragraph (a) of subsection 2 of section 9 of this act, the Office shall immediately forward a copy of the certificate of eligibility which identifies the amount of the award to: (a) The lead participant in the qualified project;(b) The Director of the Legislative Counsel Bureau;(c) The Chief of the Budget Division of the Office of Finance in the Office of the Governor; and2. A qualified project may be approved for a certificate of eligibility for matching funds pursuant to subsection 1 in an amount not to exceed $100,000,000.3. Except as otherwise provided in sections 2 to 15, inclusive, of this act, the contribution from the matching funds awarded to the qualified project pursuant to subsection 1 must be proportional in terms of amount, contemporaneous in terms of timing and similar in terms of risk profile to the contribution to the cost of the development and construction of the qualified project by the lead participant, and: (a) The lead participant shall pay the initial $25,000,000 of the costs of the development and construction of the qualified project.(b) Payments after the initial payment required by paragraph (a) must be pro rata, based on the percentage of the total cost of the qualified project described in paragraph (c) of subsection 3 of section 9 of this act to be paid from approved matching funds and those to be paid by all other sources of project funding as set forth in an application approved by the Office pursuant to section 9 of this act, except that such pro rata allocation must be adjusted such that the matching funds are used to pay the last $10,000,000 in project costs.(c) The procedure for making monthly draws for the cost of the qualified project will be delineated in a trust agreement to be entered into by the Office and the lead participant, which will ensure that no money derived from the matching funds awarded pursuant to subsection 1 are expended unless money of the lead participant is previously or simultaneously expended, except for the initial payment described in paragraph (a) and the last payment described in paragraph (b).Added by 2023, Ch. 501,§11, eff. 6/15/2023.