(1) The commissioner shall examine the applications for a certificate of approval and cause an on-the-ground inspection to be made of the existing or proposed dam or reservoir and downstream floodplain. The commissioner shall then, within sixty (60) days of the receipt of the completed application for a certificate of approval, either grant the certificate or disapprove it in writing, stating the reasons for disapproval.
(2) In the case of an existing dam or reservoir, the commissioner may utilize the results and information provided by any inspection made by or for the United States army corps of engineers pursuant to Public Law 92-367 (33 U.S.C. §§ 467—467e), if the information is not more than one (1) year old at the time of use.