(a) The board of directors of an open-enrollment public charter school wanting to borrow money from the Open-Enrollment Public Charter School Facilities Loan Fund, acting through its chair or president and secretary, after approval of such action by full majority approval of the board of directors, shall file a loan application with the Division of Public School Academic Facilities and Transportation.
(b) The loan application shall be on a form promulgated by the Commission for Arkansas Public School Academic Facilities and Transportation and include without limitation:
(1) The name, location, and local education agency number of the open-enrollment public charter school;
(2) The date and location of the board of directors meeting at which action was taken to make a formal application for a loan;
(3) The purpose for which the loan will be used;
(4) The estimated amount of the proposed loan, including any supporting documentation on cost estimates;
(5) Complete financial information, including all current debt obligations;
(6) The method proposed to repay the loan; and
(7) Any additional information requested by the division.
(c) An application shall be executed in duplicate with the original to be filed with the division and the copy to be retained in the files of the open-enrollment public charter school.