A. Prior to issuing bonds to finance a housing project, a local school board shall furnish to the state board [department] the following information:

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(1)     a detailed description of the housing project;

(2)     an explanation of the necessity for the housing project; (3)     an estimate of the total cost of the housing project;

(4)     an estimate of the net income from the housing project and other revenues that will be pledged to pay for the housing project; and

(5)     an estimate of the yearly operating cost of the housing project.

B. A local school board shall obtain written approval of the state board [department] before it issues bonds to finance a housing project pursuant to the Teacher Housing Revenue Bond Act.

C. Prior to giving written approval to a housing project, the state board [department] shall determine that the housing project is necessary and that estimated pledgeable revenue pledged to the bonds is sufficient to repay the bonds.