1. A. In addition to other powers and duties provided by law, the Board shall have the power and duty to:

   1. 1. Prepare and maintain the priority list for publicly owned treatment works;
   2. 2. Review and assess the planning and preliminary financial documents for and cost effectiveness of wastewater projects on the priority list;
   3. 3. Determine wastewater project feasibility and the entities' eligibility to receive funding from the Wastewater Facility Construction Revolving Loan Account;
   4. 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. 5. Provide oversight and technical assistance during the planning, design, and construction phase of the wastewater project for which the entity is applying for such loan; and
   6. 6. Be the instrumentality to make application to the Environmental Protection Agency for the capitalization grant which is to be placed in the Wastewater Facility Construction Revolving Loan Account.
2. B. In determining the cost effectiveness of any wastewater project, the Board shall require the preparation of a cost effective analysis of feasible wastewater treatment or conveyance alternatives capable of meeting state and federal water quality and public health requirements. The cost effective analysis shall detail all monetary costs including but not limited to the present worth or equivalent annual value of all capital costs and operation, maintenance and replacement costs. 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 facility while recognizing environmental and other nonmonetary considerations determined to be relevant by the Board.

Laws 1988, c. 202, § 5, eff. July 1, 1988; Amended by Laws 1993, c. 145, § 327, eff. July 1, 1993.