The commission shall administer the expenditure of any funds made available from the Leaking Underground Storage Tank Trust Fund established by the Federal Superfund Amendments and Reauthorization Act of 1986, Public Law No. 99-499, October 17, 1986, Public Law No. 99-563, October 27, 1986, 42 USCS Sections 9671-9675, and shall have authority to promulgate any rules and regulations necessary to administer this program.