The Statement of Grant Award constitutes obligation of funds for use by the grantee in execution of the program or project covered by the award. Each applicant must accept or reject an improvement grant award within 30 days of the date upon which the Commission issues a Statement of Grant Award. The executive director of the Commission or his designee may alter this deadline upon request from the applicant. The authorized official designated under §173.301 of this chapter (relating to Grant Officials) must formally accept the grant in writing before the grantee may receive any improvement grant funds. Funds shall not be disbursed until acceptance of the grant by the grantee's authorized official.