(a) The board may approve, disapprove, amend, provide a greater or lesser amount of funds than recommended, request further information or continue consideration of any application for funding under this subchapter. The board shall determine the amount of funds.     
      (b) The board, upon approval of an application, shall authorize the executive administrator to negotiate with and enter into a contract with the eligible applicant. Such contract shall include:      
        (1) all terms and conditions required by state or federal law;       
        (2) the application;       
        (3) the amount of funds provided by the board; and       
        (4) any other terms and conditions agreed to by the board and the eligible applicant that are in accordance with state law.       
     Source Note:        The provisions of this §355.115 adopted to be effective February 18, 2008, 33 TexReg 1348