(1) As used in this section, "board" means the Board of Water Resources created in Section 73-10-1.5.
(2) The board shall establish:
(a) a charge for the use of water, power, or a facility based on:
(i) a contractual agreement approved by the board for a project owned by the state; and
(ii) the ability of an individual project to return the investment to the state; and
(b) an interest rate for the money the board lends to finance a project based on:
(i) market conditions;
(ii) the repayment ability of the project; and
(iii) other factors considered relevant by the board.