A. In addition to other powers and duties provided by law, the Oklahoma Water Resources Board shall have the power and duty to: 1. Prepare and maintain the priority list for all water quality projects. In developing the priority list, the Board shall rely on input from the Department of Environmental Quality and the Conservation Commission; 2. Review and assess the planning and preliminary financial documents for and cost effectiveness of water quality projects on the priority list; 3. Determine water quality project feasibility and the entities' eligibility to receive funding from the Clean Water State Revolving Fund Loan Account; 4. Perform the environmental review and make the appropriate environmental determinations in accordance with the environmental review process approved by the Environmental Protection Agency; 5. Provide oversight and technical assistance during the planning, design, and construction phase of the water quality project for which the entity is applying for such loan; and 6. Be the instrumentality to make application to the Environmental Protection Agency for the capitalization grant which is to be placed in the Clean Water State Revolving Fund Loan Account. B. In determining the cost effectiveness of any water quality project, the Board shall require the preparation of a cost effective analysis of feasible alternatives capable of meeting state and federal water quality and public health requirements. The alternative selected shall be the most economical means of meeting applicable state and federal effluent and water quality or public health requirements over the useful life of the water quality project while recognizing environmental and other nonmonetary considerations determined to be relevant by the Board.
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