(b)

1. (1) All documents, excluding nonvoted refunding bond applications, must be received by the State Funding/Loans and Bonds Unit of the Department of Education thirty-one (31) days before the state board meeting at which the applications will be considered.
2. (2) If thirty-one (31) days before the scheduled meeting date falls on a holiday or weekend, the deadline for filing shall be extended to the next business day.
3. (3) Loan or bond applications for which documents are received after this date will be considered in the next application cycle.

(c)

1. (1) All loan and bond applications shall include a specific and detailed description of each:

   1. (A) Intended use of the proceeds; and
   2. (B) Respective cost estimate.
2. (2) Bond applications shall include a declaration, the date voted or date of proposed millage election, of the millage being used to secure the bond.
3. (3) Applications that do not include this information will be tabled by the committee pending receipt of the required information.

(d)

1. (1) An approved second lien bond, nonvoted refunding bond, or voted bond application package submitted to the State Funding/Loans and Bonds Unit of the department is valid for one (1) year following the date of approval by the state board.
2. (2) If the district has not issued the bonds or series of bonds within an issue within twelve (12) months of the date that the state board approved the application, an updated application is required.
3. (3) An updated application provided pursuant to this section from a school district identified or classified in fiscal distress is subject to review by the Fiscal Services and Support Unit of the department.