(1) The Arkansas Development Finance Authority shall be the issuer of bonds for energy efficiency projects under this subchapter.
(2) The authority shall not issue bonds under this subchapter unless: A state entity has: Applied for approval; and
(3) Submitted a resolution to the authority authorizing the issuance of bonds; and
(4) The authority determines that the energy savings to be realized from the energy efficiency project and other available revenues are sufficient to fund the requested bond issue.
(5) Upon approval, the authority shall proceed with the issuance of the bonds under this subchapter.
(6) If the bonds are not approved, the state entity may resubmit a request for approval of the issuance of bonds, and a resubmitted request shall be handled in the same manner as the initial request under this section.