(a) The commission may not approve a loan that bears interest of less than three percent annually or that has a term that exceeds 20 years.
(b) Before approving a loan or grant, the commission shall require that:
(1) the airport or facility remain in the control of each political subdivision involved for at least 20 years;
(2) the political subdivision disclose the source of all funds for the project and the political subdivision's ability to finance and operate the project;
(3) at least:
(A) 10 percent of the total project cost be provided by sources other than the state; or
(B) if the airport is located in an economically disadvantaged county, as defined by Section 222.053, five percent of the total project cost be provided by sources other than the state; and
(4) the project be adequately planned.