(1) The panel shall:
(a) determine criteria for:
(i) the allowed uses of capital project fund resources described in Sections 53F-10-301 and 53F-10-302 and the prioritization of proposed capital development projects, including the extent to which a proposed project:
(A) eliminates risks to student life and safety through renewal or replacement;
(B) enhances efficiency of use, including combining necessarily existent small schools, described in Section 53F-2-304;
(C) addresses essential program growth and capacity;
(D) provides a cost effective solution that is appropriate for the facility's need; and
(E) comports with the school district's provision of matching funds and sufficient revenues for ongoing operation and maintenance;
(b) evaluate capital development project proposals to ensure viability, efficiency, and adherence to education and construction standards;
(c) prioritize capital development projects;
(d) recommend that the state board distribute capital project funding to school districts;
(e) if necessary based on the circumstances of the capital development project, in partnership with the division, oversee the capital development project; and
(f) report to the state board regarding the panel's actions.
(2) The panel may:
(a) determine that a technical assistance liaison is necessary for an eligible school district applying for capital project funding under this chapter to efficiently complete the project; and
(b) facilitate engagement with the division or a willing school district partner having the required technical expertise in similar capital development projects.