It shall be the duty of the racing commission to carry out this part; and it shall have the following specific duties:

(1) To fix and set dates upon which race meetings may be held or operated.

(2) To make an annual report to the county governing body of its operation, showing its own actions and rulings, and receipts derived under this part, and such suggestions as it may deem proper for the more effective accomplishment of the purposes of this part.

(3) To require each applicant to:

a. If an individual, group of individuals, or partnership, each individual or partner shall be a resident of the State of Alabama for at least five years immediately preceding the date of the license issued.

b. If a corporation, each incorporator, stockholder, director, and officer shall be a resident of the State of Alabama for at least five years immediately preceding the date of the license issued.

c. Set forth on such application for a license the following information:

1. The full name of each individual or partner, their business and home address, their present business, occupation, or profession, and each residence and business address and each business, occupation, and profession engaged in by such individuals for a period of 15 years prior to the date of such application.

2. The name and address of each of the incorporators, stockholders, directors, and officers of any corporation making such application and the present business, occupation, or profession of each of such incorporators, stockholders, directors, and officers and each residence and business address and each business, occupation, and profession engaged in by such incorporators, stockholders, directors, and officers for a period of 15 years prior to the date of such application.

3. The exact location where it is desired to conduct or hold a racing meet and a complete set of architectural renderings and detailed construction plans showing the site, topography, the type of construction, the track design, and the concession plans, together with sufficient proof of capitalization to construct and operate the facility. If such proof of capitalization contemplates that a loan or other indebtedness shall be incurred by such applicant, then the name and address of each person, firm, or corporation making such loan or underwriting such indebtedness shall be given together with the written commitment of such person, firm, or corporation to make such loan or underwrite such indebtedness.

4. Whether such racing plant is to be owned by applicant or leased, and if leased, the owner thereof shall meet the same residence requirements as an applicant and the same information shall be furnished for such owner as is required to be furnished for an applicant.

5. If the applicant is to enter into a management contract with any person or legal entity, then such person or other legal entity shall meet the same residence requirement and the same information shall be furnished concerning such person or legal entity as is required of an applicant.

6. If the applicant is to enter into a contract for the operation of the food service, including restaurant, snacks, beverage, bar, and concession stand sales, or any part thereof, then the person or other legal entity operating the same shall meet the same residence requirement and the same information shall be furnished as is required of an applicant.

7. The kind of racing to be conducted and the dates requested.

8. Such other information as the racing commission may require.

(4) Require an oath of every applicant or the president, executive officer, or managing officer or partner of each corporation or partnership stating that the information contained in the application is true.

(5) Promulgate uniform rules and regulations governing the holding, conducting, and operating of all race meetings and races held in the county.

(6) Receive all applications for the initial license within 30 days following the appointment of the commissioners and to grant, reject, or otherwise act upon all such applications within 15 days after the last date for receiving such applications.