Sec. 2. (a) Before the issuance of bonds or notes, the IFA must:
(1) receive the approval of the budget agency; and
(2) receive budget committee review of a financial plan if the bonds or notes are payable from lease rental payments to be made from:
(A) state appropriations; or
(B) money on deposit in the next generation trust fund established under IC 8-14-15.2.
(b) Before the issuance of bonds or notes, the IFA or the NWIRDA shall identify the rail project or rail projects to be financed from the proceeds of the bonds or notes.