(A) The director shall not approve any project, or element of a project, unless it would result in infrastructure with a minimum useful life of seven years as determined in accordance with generally accepted engineering principles and practices within this state and taking into account both the specific climatic and other environmental conditions of the infrastructure's site as well as the infrastructure's full, anticipated design use loads. A statement of a proposed infrastructure's useful life bearing the official seal and signature of a licensed professional engineer must accompany any project application submitted to the director for a project proposing the infrastructure.

(B) In selecting requests for financial assistance that will be formally submitted to the director under section 164.06 of the Revised Code, a district committee or executive committee shall ensure, on a dollar-weighted basis, that the projects submitted from the district on an annual basis have, on average, a collective useful life of at least twenty years.