(1) The mayor or county judge or a designee shall promulgate the forms to be used in applying for the city or county economic development grant.
(2) All applications shall be submitted as required by the establishing ordinance.
(3) After receipt of the application, the mayor or county judge or a designee shall review the economic development grant applications and shall select the applications by rank order which will best fulfill the economic goals and objectives of the economic development grant program as described by the enabling ordinance. The mayor or county judge or a designee shall then award the economic development grants to the grant applicants based on their rank order on the list of grant applications.
(4) The grants may be awarded until all funds appropriated by the governing body of the city or the county quorum court for grants have been expended.