The secretary shall administer the provisions of this act and shall be responsible for administration and management of the fund. The secretary is hereby authorized to:
(a) Enter into binding commitments for the provision of loans in accordance with the provisions of this act;
(b) review applications of municipalities for loans and select the projects for which loans will be made available;
(c) provide the governor and the legislature with an annual report prepared in accordance with K.S.A. 65-163k and with copies of the audit required under K.S.A. 65-163e ; and
(d) adopt rules and regulations necessary for effectuation of the provisions of this act.