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 will convey/release any ownership/secured interest it has in the project or cause such interest/release to be conveyed to the proper applicant or, if applicable, to a group of applicants as their interests may appear, and the commission shall return control over the operation and maintenance of the project to the applicant or applicants, as the case may be.