New Mexico Administrative Code
Title 18 - TRANSPORTATION AND HIGHWAYS
Chapter 11 - AIRPORTS
Part 10 - RURAL AIR SERVICE ENHANCEMENT GRANT PROGRAM
Section 18.11.10.14 - Approval of Grant
Universal Citation: 18 NM Admin Code 18.11.10.14
Current through Register Vol. 35, No. 18, September 24, 2024
A. If the division approves an application for a grant, the recipient of the grant must enter into an agreement with the division. The agreement must specify:
(1) The amount of the grant;
(2) The amount of the matching funds from the
eligible recipient. Minimum matching funds shall not be less than:
(a) ten percent if the eligible recipient has
no existing scheduled air service at the time of application; and
(b) twenty percent if the eligible recipient
has existing scheduled air service at the time of application. In-kind
contributions may not be used in satisfying the required minimum matching
funds.
(3) the proper
use of the money obtained from the grant;
(4) the date on which the division approved
the grant;
(5) the specific
indicators of performance by which the division and the recipient of the grant
will measure the progress of the project;
(6) the projected estimates of
costs;
(7) a requirement that the
recipient of the grant report to the division on an annual basis.
B. If the eligible entity fails to execute and return the grant agreement within 60 days of receiving the notice of award, the project shall be considered lapsed.
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