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(1) The board shall:
(a) direct the division regarding grants and loans from the revitalization fund to eligible entities to serve persons that are or may be socially or economically impacted, directly or indirectly, by mineral resource development;
(b) establish procedures for application for an award of grants and loans including eligibility criteria;
(c) coordinate projects and programs with other projects and programs funded by federal, state, and local government entities;
(d) determine the order in which projects will be funded; and
(e) be subject to the procedures and requirements under Title 52, Chapter 4, Open and Public Meetings Act.
(2) The board may:
(a) qualify for, accept, and administer grants, gifts, loans, or other funds from the federal government and from other sources, public or private; and
(b) make rules under Title 63G, Chapter 3, Utah Administrative Rulemaking Act, if necessary to perform its responsibilities.