(1) In accordance with the applicable provisions of ORS chapter 183, the Oregon Watershed Enhancement Board shall adopt rules and standards to carry out the watershed enhancement program.(2) The rules and standards adopted by the board under subsection (1) of this section shall include, but need not be limited to:(a) Grant application requirements and review and selection criteria for projects to receive assistance or funding from the board, including funding from the Flexible Incentives Account established under ORS 541.937.(b) Criteria for distributing to those entities specified in ORS 541.932 those funds appropriated to the board for funding projects. The criteria shall include a process for periodic review of the distribution by the appropriate legislative committee.(c) Conditions for approval by the board for implementation of a project including but not limited to: (A) Provisions satisfactory to the board for inspection and evaluation of the implementation of a project including all necessary agreements to allow the board and employees of any cooperating agency providing staff services for the board access to the project area;(B) Provisions satisfactory to the board for controlling the expenditure of and accounting for any funds granted by the board for implementation of the project;(C) An agreement that those initiating the project will submit all pertinent information and research gained from the project to the board for inclusion in the centralized repository established by the board; and(D) Provisions for the continued maintenance of the portion of the riparian area or associated uplands enhanced by the project.