The Oregon Watershed Enhancement Board may award funds from the Watershed Conservation Grant Fund only for activities described in ORS 541.956. Any project that the board approves for funding shall comply with the following criteria:
(1) There is a matching contribution from other program funds, in-kind services or other investment in the project;
(2) The project to be funded is reviewed and approved by a technical committee established in accordance with ORS 541.926; and
(3) The project provides a public benefit by supporting improved:
(a) Water quality;
(b) Native fish or wildlife habitat; or
(c) Watershed or ecosystem function.