The city or county economic development grant ordinance shall:
(1) Provide for the mayor or county judge or a designee to administer the grant program authorized under this subchapter;
(2) Require the mayor or county judge to take the necessary action to ensure that the funds are used for the purposes for which the grant is to be awarded and that they are expended in accordance with all state laws and local ordinances and other local procedures and regulations of the awarding government;
(3) Specify the procedure for receiving applications for grants, who is eligible to apply for grants, the economic development goals and objectives of the city or county economic development grant program, and the procedures for awarding the grants; and
(4) Require the grantee to file a report with the governing body of the city or the quorum court of the county within thirty (30) days after the end of the calender year in which the grant is awarded, explaining the exact amount of expenditures of the grant funds, the purpose for which the grant fund was awarded and expended, and the economic development goals and objectives that were accomplished as a result of the expenditure of the grant funds.