90-9-203. Rulemaking. The council shall adopt rules necessary to implement the provisions of this chapter, including rules:

(1) governing the conduct of council business;

(2) establishing application procedures for loans and grants authorized in 90-9-202;

(3) establishing procedures to be followed by the council in its review process prior to making a loan or grant;

(4) establishing postdisbursement activities to monitor the use of a loan or grant by its recipient, including:

(a) any reporting requirements; and

(b) procedures for repayment of a loan or grant upon failure of a recipient to meet the terms and conditions of that loan or grant;

(5) establishing interest rates for loans in accordance with market factors and the purposes of this chapter;

(6) limiting the amount of loans or grants that any company may receive or apply for over a given period of time;

(7) governing the deferral or forgiveness of loans and any accrued interest; and

(8) establishing other terms and conditions of loans and grants, as necessary, within the requirements and purposes of this chapter.