(1) Any local government or federally recognized Indian tribe whose governing body disagrees with the terms and conditions of the funding offered by the board may request the board in writing to reconsider, amend or modify its offer.

(2) Any local government or federally recognized Indian tribe whose application for funding assistance was denied in whole or in part by the board, may petition the board in writing, within fifteen days of notification, to reconsider its decision. Such requests for reconsideration will only be considered with new or additional information in support of the application that was not available to the board during its initial consideration.