The regulatory standards set forth in an agreement described in section 1(a) of this chapter must be consistent with customary use in Indiana. The agreement must be in a form that is in the best interests of the state and may be of a duration and subject to terms and provisions for modification that the governor considers advisable. In negotiating the agreement, the governor shall consider the following factors:

1. (1) The actual availability of federal funds.
2. (2) The imminence of a sanction against the state for a violation of 23 U.S.C. 131.
3. (3) The enactment of an amendment to 23 U.S.C. 131 or the regulations promulgated under 23 U.S.C. 131, or the possibility of an amendment.
4. (4) The scope of an agreement entered into by another state with the Secretary under 23 U.S.C. 131.

As added by P.L.18-1990, SEC.229.