; and (ii) assign or transfer assets of a revolving loan fund to a third party for the purpose of liquidation, and the third party may retain assets of the fund to defray costs related to liquidation. (C) Treatment of actions An action taken by the Secretary under this subsection with respect to a revolving loan fund shall not constitute a new obligation if all grant funds associated with the original grant award have been disbursed to the recipient. (2) Use of funds in projects constructed under project cost (A) In general In the case of a grant for a construction project under this section, if the Secretary determines, before closeout of the project, that the cost of the project, based on the designs and specifications that were the basis of the grant, has decreased because of decreases in costs, the Secretary may approve the use of the excess funds (or a portion of the excess funds) to improve the project. (B) Other uses of excess funds Any amount of excess funds remaining after application of subparagraph (A) may be used by the Secretary for providing assistance under this section. (c) Coordination If an eligible institution (as such term is defined in section 279) located in an eligible community is seeking a grant under section 279 at the same time the community is seeking an implementation grant under subsection (a)— (1) the Secretary, upon receipt of such information from the Secretary of Labor as required under section 279(e), shall notify the community that the institution is seeking a grant under section 279