(1) The commission shall:

(a) Adopt bylaws, policies, and operating procedures that govern the administration of the investment program;

(b) Approve or deny applications for financial assistance based on established evaluation criteria;

(c) Establish financial, risk management, and internal control policies consistent with generally accepted accounting principles; and

(d) Approve annual budgets, audits, and reports for the investment program.

(2) The commission may:

(a) Enter into any cooperative agreement with any federal or state agency, local government, or private entity; and

(b) Delegate any administrative or technical function to any personnel or agent of the commission as necessary to implement the Infrastructure Development Investment Program Act.