(a)

1. (1) The Director of the Arkansas Economic Development Commission will determine whether or not:

   1. (A) The 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.

2. (2) If the director determines that the project is in the public interest and that sufficient funding is available:

   1. (A) The governing authority will be informed; and
   2. (B) A subaccount will be established for the project.

(c) Any contributions that remain in a project account after a project is completed or terminated will be:

1. (1) Held; and
2. (2) Applied to other public roads projects approved by the director.

(d)

1. (1) A separate account will be established for each project, and contributions specified for a project shall be applied to that account.
2. (2) The director is authorized to assist the governing authority in obtaining assistance from any other department of state government.
3. (3) When sufficient funds are accumulated for a particular project, the director will authorize the release of funds for the project.