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(1)
(a) The division and the board shall make rules, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, in preparation to make loans from available funds to repair, replace, or improve underfunded federal water infrastructure projects.
(b) Subject to Chapter 26, Bear River Development Act, and Chapter 28, Lake Powell Pipeline Development Act, the division and the board shall make rules, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, in preparation to make loans from available funds to develop the state's undeveloped share of the Bear and Colorado rivers.
(2) The rules described in Subsection (1) shall:
(a) specify the amount of money that may be loaned;
(b) specify the criteria the division and the board shall consider in prioritizing and awarding loans;
(c) specify the minimum qualifications for a person to receive a loan, including the amount of cost-sharing to be the responsibility of the person applying for a loan;
(d) specify the terms of the loan, including the terms of repayment; and
(e) require an applicant for a loan to apply on forms provided by the division and in a manner required by the division.
(3) The division and the board shall, in making the rules described in Subsection (1) and in consultation with the Legislative Water Development Commission created in Section 73-27-102:
(a) establish criteria for better water data and data reporting;
(b) establish new conservation targets based on the data described in Subsection (3)(a);
(c) institute a process for the independent verification of the data described in Subsection (3)(a);
(d) establish a plan for an independent review of:
(i) the proposed construction plan for an applicant's qualifying water infrastructure project; and
(ii) the applicant's plan to repay the loan for the construction of the proposed water infrastructure project;
(e) invite and recommend public involvement; and
(f) set appropriate financing and repayment terms.
(4) The division and the board shall provide regular updates to the Legislative Management Committee on the progress made under this section, including whether the division and board intend to issue a request for proposals.