Sec. 7. (a) The authority shall establish a written procedure, in coordination with a state agency, department, or instrumentality providing funds under section 4(1) of this chapter and for allocating money to projects described in section 8 of this chapter.
(b) The procedure established under this section must include at least the following:
(1) An application procedure to identify projects that qualify for funding.
(2) Criteria for establishing priority of projects.
(3) Procedures for selecting projects.
(4) Procedures for reporting the results of the selection process and the status of projects to the budget committee.
(c) To apply for a loan or other financial assistance from a fund, a participant must submit an application that contains at least the following information:
(1) A description of the infrastructure for which the loan or other financial assistance is sought.
(2) An estimate of the cost of constructing or improving the infrastructure, including the cost of designing the infrastructure.
(3) Any other information required by the authority in accordance with the procedure established under this section.