(1) To be responsible for the proper distribution and allocation of water stored in the ownership of the state as developed by the commission under the provisions of this subchapter;

(2) To approve a reasonable method of delivery and measurement of water sold from storage;

(3) To sell, assign, or lease water or water storage capacity at costs designed to return the investment to the state and to sufficiently discharge as they mature all obligations pertaining to the principal of and interest on any water development bonds issued by the commission;

(4)

(A) To make and execute contracts for financial assistance to political subdivisions of the State of Arkansas which are engaged as local sponsors of any water development project which is an integral part of the Arkansas Water Plan.

(B) The financial assistance shall be funded by the Arkansas Water Development Fund established under § 15-22-507 and may consist of long-term loans designed to return the investment to the state, or the financial assistance may consist of the underwriting of local assurances for the payment of water development project costs;

(5) To acquire by lease, purchase, gift, devise, or otherwise water rights, water storage capacity, and the facilities of any water development project, including lands, rights-of-way, and easements;

(6)

(A) To invest any cash funds of the fund by converting the funds into bonds of the United States or into certificates of deposit in banks or savings and loan associations qualifying for the deposit of public funds.

(B) However, if any condition shall arise whereof the investment of federal funds is restricted by the federal government, such federal funds may not be invested;

(7)

(A) To adopt and enforce such rules and regulations as are necessary for the proper and efficient administration of this subchapter.

(B) However, all rules and regulations adopted by the commission are subject to judicial review in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.; and

(8) To institute a civil action in the Pulaski County Circuit Court or in the circuit court of the county where the water development project is located to restrain any political subdivision or agency of the state from spending any state funds from any source on or engaging in any water development project which has not been approved as in compliance with the plan, to compel compliance with the provisions of this subchapter, and to recover all costs and expenses of the commission and any inappropriately spent state funds.