(a) The Board of Trustees of the Georgia Outdoor Stewardship Trust Fund shall accept applications from state agencies, local governments, nonprofit and for-profit entities, private land trusts, and individuals for project proposals eligible for funding. The board shall evaluate the proposals received in accordance with this chapter and pursuant to priorities established by the board.

(b)

(1) The board, at their first meeting of each calendar year and working in conjunction with the board of the Department of Natural Resources, shall prepare and approve a proposal containing approved conservation projects and shall revise said proposal at each subsequent quarterly meeting held during the year.

(2) The board shall not approve any proposal for which the total cost at the end of the year violates the estimated revenue available under this chapter.

(c) Upon approval of each quarterly proposal by the board, the board of the Department of Natural Resources shall review and approve the proposal of the Board of Trustees of the Georgia Outdoor Stewardship Trust Fund.

(d)

(1) Upon approval of each quarterly proposal by the board of the Department of Natural Resources, the proposal of the Board of Trustees of the Georgia Outdoor Stewardship Trust Fund shall be transmitted for final review and approval to the chairpersons of the appropriations subcommittees of the House of Representatives and Senate maintaining oversight authority over the Department of Natural Resources and the Georgia Environmental Finance Authority.

(2) Each year's initial proposal shall be submitted by January 31 to the chairpersons of the appropriations subcommittees of the House of Representatives and Senate maintaining oversight authority over the Department of Natural Resources and the Georgia Environmental Finance Authority.

(3) Proposals submitted to such subcommittees outside of a session of the General Assembly shall be reviewed at a public meeting called at the discretion of the chairpersons of the appropriations subcommittees of the House of Representatives and Senate maintaining oversight authority over the Department of Natural Resources and the Georgia Environmental Finance Authority.

(4) Should projects included in a proposal be subject to time constraints for completion as determined by the Board of Trustees of the Georgia Outdoor Stewardship Trust Fund, such board shall immediately provide written notice of same to the chairpersons of the appropriations subcommittees of the House of Representatives and Senate maintaining oversight authority over the Department of Natural Resources and the Georgia Environmental Finance Authority.

(e) Upon approval of a proposal of the Board of Trustees of the Georgia Outdoor Stewardship Trust Fund by the appropriations subcommittees of the House of Representatives and Senate maintaining oversight authority over the Department of Natural Resources and the Georgia Environmental Finance Authority, the proposal and projects included therein shall be deemed approved.

(f) Such approved project shall become eligible for funding consistent with this chapter. The Georgia Environmental Finance Authority shall be responsible for the disbursement of funds following project approval.