(a) The Director of the Division of Environmental Quality may use moneys, subject to statutory limitations, the appropriation of funding, and the availability of funding, from the Hazardous Substance Remedial Action Trust Fund to fund site assessments at any one (1) or more of the following:

1. (1) Abandoned industrial, commercial, and agricultural sites or residential properties as stated in Arkansas Code § 8-7-1101 et seq., for written requests from quasi-governmental agencies, county governments, school districts, and planning and development districts if the persons do not hold title at the time of the written requests; or
2. (2) Potentially contaminated sites where a letter of intent is signed and available federal funds exhausted.