(a) The Commission for Arkansas Public School Academic Facilities and Transportation is granted authority to prescribe principles, standards, and criteria to be followed in setting up priority of projects, provided that such principles, standards, and criteria are not in conflict with federal statutes.
(b) Such principles, standards, and criteria shall include the following factors which shall be given priority over other considerations so long as they are not in conflict with the federal statutes:
(1) The relative condition of facilities within a school district, taking into consideration the age and condition of school buildings and facilities and the need for replacement or repair thereof to properly accommodate the school population of the school district and to protect the health and safety of the school children;
(2) The relative financial ability of school districts to provide facilities with local taxes;
(3) The adequacy of satisfactory facilities within feasible transportation distances of children within a school district or county; and
(4) The relative debt service obligations of districts in proportion to the statutory limitations on bonded indebtedness of school districts.