Prior to the division's submission of a request for federal or state assistance to the commission, the sponsor shall submit a letter of intent. The letter of intent shall describe the project for which the assistance is being requested and the estimated cost of the project, if available. The letter of intent shall be accompanied by a duly executed resolution(s) of the governing body or bodies of the sponsor indicating the sponsor's interest in the project, the sponsor's intent to provide local funds to match state and/or federal assistance as required, and the name and position of the individual authorized to execute agreements and applications on behalf of the sponsor. The submission of a letter of intent neither insures inclusion of the proposed project in the program nor obligates the sponsor to perform any service or to expend any funds. A letter of intent may remain current for one state fiscal year after the state fiscal year in which the letter was originally submitted.