1. Applications for assistance under the Iowa jobs program and Iowa jobs II program shall be submitted to the authority for review and approval.
 2. When reviewing the applications, the authority shall consider the project criteria specified in sections 16.194 and 16.194A. The authority shall develop the appropriate level of transparency regarding project fund allocations.
 3. Upon approval of an application for financial assistance under the programs, the authority shall notify the treasurer of state regarding the amount of moneys needed to satisfy the award of financial assistance and the terms of the award. The treasurer of state shall notify the authority any time moneys are disbursed to a recipient of financial assistance under the programs.