(1) In evaluating applications for project financing under the SABP program and the requirements of ARM 8.97.1902, the board shall consider the following factors:

(a) that the project's purpose is consistent with 17-5-1502 , MCA;

(b) that the application is deemed complete and accurate; and

(c) that all materials and information have been submitted as required in ARM 8.97.1803.