Upon receipt by the Department of Natural Resources of the plans, reports, and statements provided for in section 46-302 or of the petition provided for in section 46-303, the department shall examine the proposed plan and project, make an estimate of the probable cost thereof, and make such further examination and investigation concerning the same as the department shall deem necessary or advisable. If the department deems the proposed plan and project feasible and practicable, either as originally submitted or as changed and amended by the department, the department shall then file with the board of directors of the irrigation district concerned its report in the matter, which report shall include a complete explanation of the proposed project, the plans and maps showing location of the project, the estimated cost of the project, and the probable receipts from the sale of electric energy, and the certificate of the department that the project has been examined and deemed feasible and practicable by the department.