Before December second of each year, the governing board of the facility shall file the facility recoupment charges calculated pursuant to Section 38-77-600 with the director or his designee. The director or his designee shall then hold a public hearing subject to the provisions of the Administrative Procedures Act to determine if the facility recoupment charges were calculated in accordance with the provisions of Section 38-77-600. The facility recoupment charges must be approved if it is determined that they were properly calculated. If it is determined that the facility recoupment charges were improperly calculated, the director or his designee shall then establish the appropriate charges. The provisions of the Administrative Procedures Act apply to any court appeal brought thereunder and the charges approved by the director or his designee may be put into effect under bond in a similar manner that a public utility may put a proposed rate increase into effect under bond as provided by law.