If, within 2 years after funding is made available for a project, no part of the project is under contract, the IAC shall determine that the project is abandoned and rescind the funding approval. When the IAC rescinds funding approval, the IAC shall reserve the funding for another eligible project in the county in the current fiscal year or for eligible projects in the county in the next fiscal year. Funds reserved for a county that have not been used to place a project under contract within 2 years of the date the funds were reserved shall be available for any project approved in a future State capital improvement program. An LEA that seeks reapproval of a project whose funding approval has been rescinded shall submit a new funding request in a future local capital improvement program.