(1) Upon receipt of an application under Section 73-31-202, the board shall record the date the board receives the application.
(2) The board shall:
(a) examine an application for completeness to determine whether the application satisfies this part;
(b) review an application to determine whether it meets the objectives of a water bank described in Section 73-31-103;
(c) consider an application complete if the application satisfies the requirements of this part; and
(d) notify the applicant of any additional information or changes needed to process the application.
(3) Within 30 days of the date the board determines that an application is complete, the board shall post notice of the application pursuant to Section 73-31-103.
(4) The notice required by Subsection (3) shall state:
(a) that an application to create a statutory water bank has been filed with the board;
(b) where an interested party may obtain a copy of the application and any additional information related to the application; and
(c) the date, time, and place of the public meeting required by Section 73-31-204.