Before issuing economic development bonds, the department shall notify the Joint Bond Review Committee and the State Budget and Control Board of the following:

1. (1) the amount then required for allocation to the department to defray the costs of the proposed infrastructure;
2. (2) a description of the infrastructure for which the bonds are to be issued, including a certification by the secretary of the department that each economic development project to benefit from the expenditure of the proceeds of the bonds consists of an investment in the State of not less than four hundred million dollars and creates no fewer than four hundred new jobs;
3. (3) a tentative time schedule setting forth the period of time during which the sum requested is to be expended;
4. (4) a debt service table showing the annual principal and interest requirements for all bonds then outstanding; and
5. (5) the total amount of all bonds issued.