In administering the provisions of Sections 57-1-301 through 57-1-335, the Department of Economic and Community Development shall have the following powers and duties:
To supervise the use of all funds made available under Sections 57-1-301 through 57-1-335 for local governments capital improvements;
To review and certify all projects for which funds are authorized to be made available under Sections 57-1-301 through 57-1-335 for local governments capital improvements;
To requisition monies in the Local Governments Capital Improvements Revolving Loan Fund and distribute those monies on a project-by-project basis in accordance with the provisions of Sections 57-1-301 through 57-1-335;
To insure that the funds made available to a county or an incorporated municipality under Sections 57-1-301 through 57-1-335 provide for an equitable distribution of projects and funds among the counties and incorporated municipalities;
To maintain an accurate record of all local governments capital improvements funds made available to counties and municipalities and the costs for each project.
To adopt and promulgate such rules and regulations as may be necessary or desirable for the purpose of implementing the provisions of Sections 57-1-301 through 57-1-335; and
To file annually with the Legislature a report detailing how monies in the Local Governments Capital Improvements Revolving Loan Fund were spent during the preceding fiscal year in each county and incorporated municipality, the number of projects approved and constructed, and the cost of each project.