Upon repayment to the Arkansas Natural Resources Commission of all project costs and/or such other payments, fees, and charges as may be required to be paid to the commission pursuant to the project agreements in full satisfaction of the applicant's obligations, the commission:

1. (1) Will convey any ownership interest it has in the project or cause such interest to be conveyed to the proper applicant, or if applicable, to a group of applicants as their interests may appear; and
2. (2) Shall return control over the operation and maintenance of the project to the applicant or applicants, as the case may be.