The secretary shall administer the provisions of this act and shall be responsible for administration and management of the fund. The secretary is hereby authorized to:

(a) Enter into binding commitments for the provision of loans in accordance with the provisions of this act;

(b) review applications of municipalities for loans and select the projects for which loans will be made available;

(c) provide the governor and the legislature with an annual report prepared in accordance with Kan. Stat. Ann. §§ 65-163k and with copies of the audit required under Kan. Stat. Ann. § 65-163e; and

(d) adopt rules and regulations necessary for effectuation of the provisions of this act.