The following requirements shall apply to a school construction project.
1. Applications. An application for approval of a project shall include the information required by the state board.
2. Reports. A school administrative unit shall file:
A. A copy of the debt retirement schedule with the commissioner as soon as bonds are sold; and
B. A final report on a project to include any information the commissioner may require. This report shall be made within the time specified by rule by the commissioner.
3. Penalty. Failure to submit accurate reports within specified times shall be deemed sufficient cause for withholding school construction aid until the school administrative unit complies.
4. Time of signing. A school administrative unit may not sign a contract for construction or begin construction until the final plans and specifications have been approved by the commissioner, the Bureau of General Services, the Department of Health and Human Services and the State Fire Marshal.