(1) As a condition of receiving state or federal financing or grants to be used for an improvement to a capital asset related to wastewater or sewer infrastructure, the governing body of a wastewater service provider shall commit to adopt a capital asset management plan.
(2) The board shall make rules, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to establish the elements of a capital asset management plan required by Subsection (1).