Sec. 20. The board may revoke funding commitments or seek repayment of funds loaned or granted, or take both actions, if any of the following are true:
(1) The terms of the project agreement have not been fulfilled.
(2) The department of natural resources finds that the application contained inaccuracies, omissions, errors, or misrepresentations.
(3) The time schedule for project completion was misrepresented or has not been maintained.
(4) The authority fails to comply with section 4(a)(7) of this chapter.