Prior to borrowing any money to finance an income project, a local school board shall furnish to the state board [department] the following information:
A. a detailed description of the income project;
B. an explanation of the necessity for the income project;
C. an estimate of the total cost of the income project;
D. an estimate of the amount of income anticipated from the income project;
E. an estimate of the amount of income from existing buildings, improvements or facilities that will be pledged to pay for the income project;
F. an estimate of the yearly operating cost of the income project; and
G. an estimate of the anticipated yearly net income from the income project.