(a) The board shall identify, establish selection criteria for, and issue a request for proposals for water supply projects that benefit multiple water planning regions. Selection criteria established under this section must prioritize projects that:
(1) maximize the use of private financial resources;
(2) combine the financial resources of multiple water planning regions; and
(3) have a substantial economic benefit to the regions served by:
(A) affecting a large population;
(B) creating jobs in the regions served; and
(C) meeting a high percentage of the water supply needs of the water users served by the project.
(b) The board and the commission shall enter into a memorandum of understanding for the expedited approval of permits for projects selected under this section.