(1) The state board shall make rules, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to establish a process for school districts to submit to the panel proposals for funding for capital development projects under this chapter, including:
(a) the panel's review, prioritization, and recommendation to the state board;
(b) the state board's consideration and approval, if applicable, of proposed capital development projects; and
(c) management of panel processes and administration.
(2) The state board may fund direct costs and administration of the panel, not to exceed $200,000.
(3) The state board shall:
(a) evaluate recommendations of the panel regarding proposed capital development projects;
(b) approve proposed capital development projects, subject to the availability of capital development funding; and
(c) oversee the disbursement of capital development funding.