The strategic economic development site advisory committee has the following duties:
A. meet quarterly and at such other times as deemed necessary by the chair;
B. review and recommend the designation of proposed strategic economic development sites;
C. recommend approval or disapproval of applications for grants and loans from the site readiness fund, the public project revolving fund and other potential funding sources;
D. recommend the promulgation of rules establishing the application process and criteria for the approval of strategic economic development sites in accordance with the provisions of the State Rules Act [Chapter 14, Article 4 NMSA 1978]; and
E. consult with state agencies and county and local governments on technical issues relevant to the committee's consideration of proposed strategic economic development sites and applications for grants and loans from the site readiness fund.