The state engineer:
(1) shall issue a recharge permit if:
(a) the applicant has:
(i) the technical and financial capability to construct and operate the recharge project; and
(ii)
(A) a valid water right for the use of the water proposed to be artificially recharged; or
(B) an agreement to use the water proposed to be artificially recharged with a person who has a valid water right for the use of the water proposed to be artificially recharged; and
(b) the project:
(i) is hydrologically feasible;
(ii) will not cause unreasonable harm to land;
(iii) will not impair any existing water right within the area of hydrologic impact; and
(iv) will not adversely affect the water quality of the aquifer;
(2) shall condition any approval on acquiring the applicable water quality permits prior to construction and operation of the recharge project; and
(3) may attach to the permit any condition the state engineer determines is appropriate.