(b) Accordingly, and as more specifically provided in 15 CAR § 2-804, as a condition of obtaining financial assistance in connection with any project:

1. (1) The applicant will be required to convey to the commission legal title to all interests in land, buildings, improvements, equipment, and other facilities that:

   1. (A) Are financially assisted by the commission’s Water Resources Development General Obligation Bond Program; and
   2. (B) Will comprise a project; and
2. (2) The commission must be the lawful owner of all facilities constituting the project until all project costs and other fees and charges as may be imposed by the commission have been paid or reimbursed to the commission.