Sec. 2. (a) Before the issuance of bonds or notes, the authority must receive the approval of:
(1) the commissioner of the Indiana department of transportation; and
(2) the budget agency.
(b) Before the issuance of bonds or notes, the department shall identify:
(1) the project or projects to be financed from the proceeds of the bonds or notes; or
(2) the project or projects proposed to be financed from the proceeds of the bonds or notes, the projected cost and useful life of which will form a basis upon which the authority may reasonably determine that the limitations in sections 3 and 5(b) of this chapter will be complied with if the proposed project or projects are financed from the bonds or notes.