75-6-222. Evaluation of projects and loan applications. The department and the department of natural resources and conservation shall evaluate projects and loan applications. In evaluating projects and applications, the following factors must be considered:

(1) the technical design of the project to ensure compliance with all applicable statutes, rules, and design standards;

(2) the financial capacity of the applicant;

(3) the financial, managerial, and technical ability of the applicant to properly operate and maintain the project;

(4) the total financing of the project to ensure completion;

(5) the viability of the public water system;

(6) the ability of the public water system to pay the costs of the project without the requested financial assistance;

(7) the total amount of loan funds available for financial assistance in the revolving fund;

(8) the total amount requested by other applications that have been received or that are likely to be received;

(9) the ranking of the project on the priority list in the intended use plan; and

(10) any other criteria that the department determines to be appropriate, considering the purposes of the program and the federal act.