In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the board may make rules to:
(1) determine water charges as provided in Section 73-26-506;
(2) administer and operate the reservoirs and associated facilities constructed in accordance with Section 73-26-301;
(3) establish procedures for reviewing offers to contract for the sale or lease of developed water; and
(4) set the interest rate for repayment of construction and environmental mitigation costs.