(1) Site: That a site which meets the criteria established by the board is available;

(2) Students: That by objective analysis and projection the full-time student equivalent would be a minimum of three hundred (300) at the fall enrollment of the third year of operation;

(3) Local Income: That the assessment for ad valorem tax purposes of the proposed district, as published by the Assessment Coordination Department, at the millage rate proposed would produce sufficient income for the district to discharge its financial obligation as required in §§ 6-61-101 -- 6-61-103, 6-61-201 -- 6-61-209, 6-61-211 [repealed], 6-61-212 -- 6-61-216, 6-61-301 -- 6-61-305, 6-61-306 [repealed], 6-61-401, 6-61-402, 6-61-501 -- 6-61-524, 6-61-601 -- 6-61-603, and 6-61-604 -- 6-61-612 [repealed]. However, a district may be created without a local millage by following all applicable provisions of the law if it is demonstrated to the board that all capital costs of the district required to provide an adequate comprehensive program will be met without a local millage, at least during the first five (5) years that instruction is offered by the district, through available existing facilities, contributions already secured or committed to the satisfaction of the board, establishment of a permanent endowment fund, or through any other method or any combination of methods; and

(4) Size of District: The size of the district shall be such that all students within the district are within commuting distance of the college.