If, after reviewing the application of the political subdivision and the report of the State Highway Department or political subdivision, the board determines that the application meets the requirements for approval and should be approved, the board shall notify the political subdivision and the State Highway Commission of its approval and contracts may be let. Upon certification by the board that monies currently available in the Economic Development Highway Fund are sufficient to defray the costs of the construction or improvement, then contracts with respect to such work may be executed by the highway department or political subdivision and work necessary for the construction or improvement of the highways and highway segments so approved shall commence by the State Highway Department or political subdivision, as determined by the Department of Economic and Community Development. If the construction or improvement is by a political subdivision, the State Aid Engineer shall have such work inspected periodically during the progress of such construction or improvement to ensure that it meets the standards prescribed in Section 65-4-17, Mississippi Code of 1972. However, no application shall be approved by the board if the total costs for constructing or improving the proposed highways or highway segments to be funded hereunder, according to estimates in the report of the State Highway Department or political subdivision, will exceed monies currently available in the Economic Development Highway Fund created in Section 65-4-15, Mississippi Code of 1972.