(1) The authority shall by rule establish:
(a) procedures and standards for evaluating applications for loans to be approved by the authority for issuance of bonds; and
(b) a system for evaluating the applicants, considering the following criteria:
(i) the applicant's net worth;
(ii) the applicant's access to livestock and machinery;
(iii) the applicant's training and experience in agriculture;
(iv) the applicant's prospects for succeeding in an agricultural operation on the land proposed for purchase; and
(v) any other factors it may prescribe.
(2) The authority shall select the best qualified and most deserving applicants from among those applying for approval of loans for issuance of bonds.
(3) The authority may seek the advice of such lenders as the farmers home administration, the production credit association, the federal land bank, private lenders, or similar organizations in Montana and coordinate its program through these organizations.