In administering the provisions of this chapter, the Department of Economic and Community Development shall have the following powers and duties:
To supervise the use of all funds made available under this chapter;
To review all freight rail service projects for which loans are made under this chapter by local governments;
To requisition monies in the Local Governments Freight Rail Service Project Revolving Loan Fund and distribute those monies to counties and municipalities, on a project-by-project basis in accordance with the provisions of this chapter;
To insure that the funds made available to a county or an incorporated municipality under this chapter provide for an equitable distribution of projects and funds among the counties and incorporated municipalities;
To maintain an accurate record of all funds made available to counties and municipalities.
To adopt and promulgate such rules and regulations as may be necessary or desirable for the purpose of implementing the provisions of this chapter; and
To file annually with the Legislature a report detailing how monies in the Revolving Loan Fund were spent during the preceding fiscal year in each county and incorporated municipality, the number of freight rail service projects constructed, and the cost of each project.