261—301.8(15) Contractual agreement. The authority and each successful grantee shall enter into a contractual agreement prior to the expenditure of project-related funds. No grant or matching funds may be obligated or expended for the project prior to the execution of the contractual agreement by the authority and the grantee. A grantee must expend all awarded funds within the fiscal year named in the contractual agreement.
[Editorial change: IAC Supplement 11/1/23]