Before issuing economic development bonds, the department or in the case of a tourism training infrastructure project or a national and international convention and trade show center, the state agency or political subdivision that will own such project 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 or to such state agency or political subdivision 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 the economic development project to benefit from the expenditure of the proceeds of the bonds consists of the following:

   1. (a) in the case of an economic development project as defined in Section 11-41-30(2)(a), an investment at the project of not less than four hundred million dollars and creation at the project of no fewer than four hundred new jobs; or
   2. (b) in the case of a life sciences facility, an investment in the project of not less than one hundred million dollars and creation at the project of no fewer than two hundred new jobs with an average cash compensation of at least twice the per capita income in this State. Per capita income must be determined by using the most recent per capita income data available at the time the request for funding is made pursuant to this chapter; or
   3. (c) in the case of a tourism training infrastructure project, training and research facilities including the necessary equipment therefor, owned by the State or any agency, instrumentality, or political subdivision thereof, for a program established pursuant to Section 59-53-425, for which project there has been executed an agreement between the State and the state agency owning such facilities providing that, upon the termination of the program established pursuant to Section 59-53-425, the proceeds of the sale of any facilities financed with the proceeds of bonds issued pursuant to this chapter will be reimbursed by such state agency to the general fund of the State; or
   4. (d) in the case of a national and international convention and trade show center, partial payment of land acquisition costs for a meeting and exhibit space as defined in Section 11-41-30(2)(e), owned by the State or any agency, instrumentality, or political subdivision thereof for which project there has been executed an agreement between the State and the state agency or political subdivision owning such land providing that, upon either the sale of the land acquired with proceeds of bonds issued pursuant to this chapter or the failure of the state agency or political subdivision to (1) purchase land within eighteen months of the effective date of this item (d), (2) begin construction within five years of the effective date of this item (d) of a meeting and exhibit space as defined in Section 11-41-30(2)(e), or (3) complete the project within ten years of the effective date of this item (d). The state agency or political subdivision owning such land will reimburse the amount of bond proceeds to the general fund of the State, plus interest thereon from the date of expenditure to the date of such reimbursement at a rate equal to the total interest cost rate on the issuance of bonds used to make such expenditure. The state agency or political subdivision must notify the State Treasurer immediately upon the sale of any land acquired with proceeds of bonds issued pursuant to this chapter. The state agency or political subdivision must also provide sufficient proof to the State Treasurer that the deadlines to purchase land, begin construction, and complete the project imposed pursuant to this item have been met. If the state agency or political subdivision sells the land or fails to meet any of these deadlines, then the State Treasurer shall take the appropriate action necessary to recover all bond proceeds and interest disbursed to the state agency or political subdivision to finance the project;
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.