(a) Applicants.

1. (1) Governing authorities may apply to the Director of the Arkansas Economic Development Commission for funding assistance for capital improvement projects for public roads as provided by the Arkansas Public Roads Improvements Credit Act, Acts 1999, No. 1347.

2. (2) The director is authorized to approve capital improvements for funding assistance upon a finding that:

   1. (A) A project is in the public interest; and
   2. (B) There are sufficient dedicated project funds, when combined with the requested funds from the Public Roads Incentive Fund, to complete the project.

(c)

1. (1) The application, endorsement resolution, and project plan must be sent to the Arkansas Economic Development Commission for review.
2. (2) An application may be obtained by contacting the Arkansas Economic Development Commission Incentives Manager.

(d) The application must include:

1. (1) A city or county endorsement resolution or a copy of a minute order from the State Highway Commission;
2. (2) A completed application with a project plan; and
3. (3) Documentation of sufficient dedicated project funds to complete the improvement project.