(1) Each qualified nonprofit organization that receives a grant under the Shovel-Ready Capital Recovery and Investment Act shall:

(a) Secure all of the other funds described in subdivision (1)(c) of section 81-12,222 through a written pledge or payment by December 31, 2024, and shall begin or resume construction on the organization's capital project by June 30, 2025; and

(b) Abide by the federal laws commonly known as the Davis-Bacon and Related Acts.

(2) Any qualified nonprofit organization that fails to meet the requirements of subsection (1) of this section shall repay any grant funds received under the act.