(a) After an application for assistance has been approved by the Arkansas Natural Resources Commission, the following conditions and requirements shall be met prior to the release and disbursement of any assistance funds:

1. (1) Unless otherwise provided and approved by the Director of the Arkansas Natural Resources Commission, applicant must submit to the commission all plans, specifications, and engineering reports for the project, all of which shall be complete and in sufficient detail as would be required for submission of the project to a contractor for bidding or contracting the project;

2. (2)

   1. (A) Applicant, commission, and all other necessary parties shall have executed all instruments and documents, in form and content acceptable to the commission, necessary for closing including, but not limited to, loan documents, ordinances or resolutions, construction contracts, closing certificates, legal opinions, corresponding pledges of project security and revenues where appropriate, and all other relevant documents (herein collectively referred to as "project documents").
   2. (B) Closing procedures and schedule shall conform to the requirements of the commission, including without limitation execution and delivery of the specific project documents with such insertions, corrections, modifications, or amendments as may be approved by the commission in a specific instance;

3. (3) If not previously provided, applicant shall provide the commission with written and verified statements setting forth:

   1. (A) Information reflecting the reasonable availability of and/or a commitment from all other revenue or funding sources needed to finance and complete the project; and
   2. (B) A timetable for transfer of funds from the commission to the applicant; and
4. (4) Applicant shall have complied with all other applicable requirements of this part.