b. Upon a determination that an application for financial assistance meets all established criteria for the award of financial assistance from the fund, the authority shall approve the application. Prior to December 22, 1998, the authority may approve only those applications given priority pursuant to paragraphs (1) and (2) of this subsection or pursuant to subsections c. and f. of this section, but the authority may receive, file, and deem complete any application for financial assistance it receives prior to that date. Upon the authority's approval of an application for financial assistance, the authority shall award financial assistance to an applicant upon the availability of sufficient monies in the fund. When monies in the fund are not sufficient at any point in time to fully fund all applications for financial assistance that have been approved by the authority, the authority shall award financial assistance to approved applicants, notwithstanding the date of approval of the application, in the following order of priority:
(1) Upgrades of regulated tanks required to be upgraded pursuant to 42 U.S.C. s. 6991 et seq., and including any necessary remediation at the site of the regulated tank, shall be given first priority;(2) Closure of any regulated tank required to be upgraded pursuant to 42 U.S.C. s. 6991 et seq., and including any necessary remediation at the site of the regulated tank, shall be given second priority;(3) Upgrades of regulated tanks required to be upgraded pursuant to P.L. 1986, c.102 (C.58:10A-21 et seq.), but not pursuant to 42 U.S.C. s. 6991 et seq., and including any necessary remediation at the site of the regulated tank, shall be given third priority;(4) Any necessary remediations at the sites of petroleum underground storage tanks other than those given priority pursuant to paragraph (1), (2), or (3) of this subsection shall be given fourth priority;(5) Closure of any regulated tank required to be upgraded pursuant to P.L. 1986, c.102 (C.58:10A-21 et seq.), but not pursuant to 42 U.S.C. s. 6991 et seq., shall be given last priority.