81-1213.03.

Panhandle Improvement Project Cash Fund; created; use; investment; criteria for grant applications.

(1) The Panhandle Improvement Project Cash Fund is created. The fund shall be administered by the Department of Economic Development. The fund shall consist of funds transferred by the Legislature. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.

(2) The fund shall be used for grants for the following purposes:

(a) A grant to a county in the third congressional district that owns and operates the county fairgrounds for renovation to the fairgrounds. A grant under this subdivision shall be limited to nine hundred ninety-five thousand dollars; and

(b) A grant to a village with a population of less than ten persons for renovation to a community facility that serves the surrounding rural area. A grant under this subdivision shall be limited to five thousand dollars.

(3) The Department of Economic Development shall develop criteria for grant applications pursuant to this section.