(a) Financial assistance provided by the corporation organized under § 10-265aa shall be upon terms and conditions consistent with the policies and procedures adopted by the corporation’s board of directors. The board of directors shall, in its discretion, establish such policies and procedures that the board deems prudent, necessary and consistent with the provisions of § 10-265aa. Such terms and conditions may include, but need not be limited to: (1) Eligibility criteria for state and local government agencies, private for-profit and not-for-profit institutions, and individuals to apply for and receive grants, loans or other forms of assistance from the corporation; (2) the procedures for such entities to apply for and receive such funding; and (3) a requirement of funding commitments and awards from other sources, including financing obtained from quasi-public agencies, as defined in § 1-120, federal, state and local government agencies and private for-profit and not-for-profit institutions.

(b) State assistance to match the philanthropic enterprise’s contribution may be provided to the corporation while its application for tax exempt status, as described in subsection (c) of § 10-265aa, is pending. If such status is denied, the corporation shall promptly repay such state assistance to the state.

(c) State assistance may be provided to the corporation through contractual arrangements as may be agreed upon by the corporation and the Secretary of the Office of Policy and Management.