(a) The board may charge an administrative fee to a political subdivision with which the board agrees to participate in a project under this subchapter.
(b) The board by rule shall set the fee at an amount it considers necessary to recover the costs incurred or to be incurred by the board in administering the project over its life, including the costs of processing an application, monitoring construction, and auditing and monitoring the project. The state auditor may review fees charged by the board to determine whether the fees are set consistent with this subsection, based on a risk assessment performed by the state auditor and subject to the legislative audit committee’s approval of including the review in the audit plan under § 321.013, Government Code.

(c) The board may require the payment of the fee in one or more payments.
(d) Fees shall be deposited as directed by the board for use in administering the program.