(1) The maximum grant awarded to a private person may not exceed the lesser of:
(a) 5% of the estimated total funds potentially available in the natural resources projects state special revenue account established in 15-38-302 for public and private grants in the biennium in which the grant will be made; or
(b) 50% of the total project cost.
(2) This part does not limit the amount of grant funds that may be appropriated by the legislature to fund a state or local government project.