(a) The Loans and Bonds Committee shall consist of these eight (8) members or designees:

1. (1) Assistant Commissioner, Division of Fiscal and Administrative Services;
2. (2) Associate Director, Internal/External Agency Finance Unit;
3. (3) Coordinator, Local Education Agency Fiscal Distress Services and Support Unit;
4. (4) Coordinator, Local Education Agency State Funding/Loans and Bonds Unit;
5. (5) Program Manager of Equity, Division of Academic Accountability;
6. (6) Director of the Division of Public School Academic Facilities and Transportation;
7. (7) Coordinator, Financial Accountability and Reporting; and
8. (8) Senior Transportation Manager, Division of Public School Academic Facilities and Transportation.

(b) Applications considered by the committee may be acted upon in any of the following ways:

1. (1) The application may be recommended for approval to the:

   1. (A) State Board of Education; or
   2. (B) Commissioner of Elementary and Secondary Education;

2. (2) The application may be recommended for disapproval to the:

   1. (A) State board; or
   2. (B) Commissioner;

3. (3) The application may be tabled pending:

   1. (A) Receipt of additional information;
   2. (B) Further study by Department of Education staff or Division of Public School Academic Facilities and Transportation staff; or
   3. (C) Verification of information regarding the application; or
4. (4) A revolving loan application may be recommended to the state board for approval of the loan for a lesser amount than the amount requested pursuant to Arkansas Code §§ 6-20-805 and 6-20-2511.