(1) The Arkansas Waterways Commission shall promulgate the application format to be used in applying for funding through the Port Priority Improvement Program.
(2) All applications shall be submitted as required by the establishing rules.
(3) After receipt of the application, the Arkansas Waterways Commission, working in partnership with the Arkansas Economic Development Commission, shall review the applications and shall select the applications by rank order which will best fulfill the goals and objectives of the program as described by the program's rules. The Arkansas Waterways Commission shall then make awards to the applicants based on their rank order on the list of applications.
(4) The projects may be funded until all funds available for this purpose have been expended.