Sec. 7. (a) The department shall establish written procedures for providing grants or loans from the fund to charter schools. The written procedures must include at least the following:
(1) An application procedure.
(2) A procedure to identify projects that may qualify for a grant or loan.
(3) Criteria for establishing the priority of projects for which grants or loans will be made.
(4) Procedures for selecting projects for which grants or loans will be made.
(b) To apply for a grant or loan from the fund, a charter school must submit an application that contains the information required by the department.