Prior to borrowing any money to finance an income project, a local school board shall furnish to the state board [department] the following information:

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A. a detailed description of the income project;

B. an explanation of the necessity for the income project; C. an estimate of the total cost of the income project;

D. an estimate of the amount of income anticipated from the income project;

E. an estimate of the amount of income from existing buildings, improvements or facilities that will be pledged to pay for the income project;

F. an estimate of the yearly operating cost of the income project; and

G. an estimate of the anticipated yearly net income from the income project.