(e) No later than December 1 of each fiscal year in which the notice in subdivision (d) is issued, eligible intercity and commuter rail operators may submit project nominations for funding to the agency for its review and consideration. Project nominations shall include all of the following:

1. (1) A description of the project, which shall illustrate the physical components of the project and the security or emergency response benefit to be achieved by the completion of the project.
2. (2) Identification of all nonbond sources of funding committed to the project.
3. (3) An estimate of the project’s full cost and the proposed schedule for the project’s completion.