5. Establishment of review panel; review and decision on grant applications.__The Governor shall appoint the following members to serve as the review panel, which, in accordance with rules developed by the department pursuant to subsection 11, shall review, prioritize among and award applications for competitive grants made pursuant to subsections 6 to 9:

A.__One representative of the department;

B.__One representative of the state board;

C.__One representative of a private financial institution with expertise in the areas of business finance, commercial loans and return on investment;

D.__One representative recommended by the Maine Education Association who formerly served as a public school teacher in Maine; and

E.__Two representatives recommended by the Maine School Management Association, one of whom formerly served as a school superintendent in Maine and one of whom formerly served as an elected school board member or school district representative in Maine.

The Governor's appointments must be characterized by broad geographic representation.

6. Competitive grants; standard of qualification. In seeking competitive awards from the fund, each application for a grant to fund or partially fund an efficiency project must contain sufficient information so that the review panel established in subsection 5 can identify:

A.__The nature, scope and timing of the entire efficiency project, including all proposed programmatic and governance changes, school administrative unit or school district reconfigurations, system restructurings, employment reconfigurations and capital or infrastructure investments;

B.__The total cost of the efficiency project, including the dollar value of the grant request and all other funds and in-kind services contributed by the applicants and other sources;