No guarantee shall be extended to any applicant unless it executes an agreement with the state board under which the applicant agrees to the following provisions:

1. (a) To proceed expeditiously with, and complete, the proposed project.
2. (b) To commence operation of the project on completion, and to properly operate and maintain the work in accordance with applicable provisions of law.
3. (c) To issue bonds and to levy fines, charges, assessments, or taxes to pay the principal of, and interest on, the bonds as described in the application.
4. (d) To diligently and expeditiously collect those levies, including timely exercise of available legal remedies in the event of delinquency or default.
5. (e) To act in accordance with such other provisions as the state board may require.