(1) The authority shall prepare, and the attorney general and reporter shall approve, a form of loan agreement to be used to evidence loans made to local government units pursuant to this part.
(2) All loan agreements entered into pursuant to this part shall be subject to approval by the commissioner of finance and administration as to funding.
(3) All payments made pursuant to loan agreements shall be made on vouchers approved by the authority, and such payments shall be subject to audit at any time.