(a) Applicants for funding from the Sustainable Building Design Revolving Loan Fund shall be agencies, boards, and commissions of the State of Arkansas which:

1. (1) Receive general revenue funding; and

2. (2) Are authorized by law to make renovations for state-owned facilities which:

   1. (A) Exceed the amount of two hundred fifty thousand dollars ($250,000); and
   2. (B) Require approval by the Building Authority Division.