(1) The board shall: (a) serve as an advisory board to: (i) the governor on rural economic and planning issues; and (ii) the Governor's Office of Economic Development on rural economic development issues; (b) prepare an annual strategic plan that: (i) identifies rural economic development, planning, and leadership training challenges, opportunities, priorities, and objectives; and (ii) includes a work plan for accomplishing the objectives referred to in Subsection (1)(b)(i); (c) identify local, regional, and statewide rural economic development and planning priorities; (d) study and take input on issues relating to local, regional, and statewide rural economic development, including challenges, opportunities, best practices, policy, planning, and collaboration; (e) advocate for rural needs, programs, policies, opportunities, and other issues relating to rural economic development and planning; (f) review projects in enterprise zones proposed by nonprofit corporations headquartered in enterprise zones as described in Subsection 63N-2-213.5(6); (g) review applications for cash awards, grants, loans, or other financial assistance under: (i) the Rural Fast Track Program described in Section 63N-3-104; and (ii) the Business Expansion and Retention Initiative described in Section 63N-3-104.5; and (h) no later than October 1 of each year, submit to the governor, the Legislature, and the Economic Development and Workforce Services Interim Committee an annual report, in accordance with Section 68-3-14, that provides: (i) an overview of the rural economy in the state; (ii) a summary of current issues and policy matters relating to rural economic development; and (iii) a statement of the board's initiatives, programs, and economic development priorities.

(a) serve as an advisory board to: (i) the governor on rural economic and planning issues; and (ii) the Governor's Office of Economic Development on rural economic development issues;

(i) the governor on rural economic and planning issues; and

(ii) the Governor's Office of Economic Development on rural economic development issues;

(b) prepare an annual strategic plan that: (i) identifies rural economic development, planning, and leadership training challenges, opportunities, priorities, and objectives; and (ii) includes a work plan for accomplishing the objectives referred to in Subsection (1)(b)(i);

(i) identifies rural economic development, planning, and leadership training challenges, opportunities, priorities, and objectives; and

(ii) includes a work plan for accomplishing the objectives referred to in Subsection (1)(b)(i);

(c) identify local, regional, and statewide rural economic development and planning priorities;

(d) study and take input on issues relating to local, regional, and statewide rural economic development, including challenges, opportunities, best practices, policy, planning, and collaboration;

(e) advocate for rural needs, programs, policies, opportunities, and other issues relating to rural economic development and planning;

(f) review projects in enterprise zones proposed by nonprofit corporations headquartered in enterprise zones as described in Subsection 63N-2-213.5(6);

(g) review applications for cash awards, grants, loans, or other financial assistance under: (i) the Rural Fast Track Program described in Section 63N-3-104; and (ii) the Business Expansion and Retention Initiative described in Section 63N-3-104.5; and

(i) the Rural Fast Track Program described in Section 63N-3-104; and

(ii) the Business Expansion and Retention Initiative described in Section 63N-3-104.5; and

(h) no later than October 1 of each year, submit to the governor, the Legislature, and the Economic Development and Workforce Services Interim Committee an annual report, in accordance with Section 68-3-14, that provides: (i) an overview of the rural economy in the state; (ii) a summary of current issues and policy matters relating to rural economic development; and (iii) a statement of the board's initiatives, programs, and economic development priorities.

(i) an overview of the rural economy in the state;

(ii) a summary of current issues and policy matters relating to rural economic development; and

(iii) a statement of the board's initiatives, programs, and economic development priorities.

(2) The board may engage in activities necessary to fulfill the board's duties, including: (a) propose or support rural economic development legislation; and (b) create one or more subcommittees.

(a) propose or support rural economic development legislation; and

(b) create one or more subcommittees.