The board shall make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, as necessary to administer this chapter, including the application by political subdivisions for the securing of their drinking water or wastewater project obligations, the approval of obligations to be secured, the verification of notices with respect to inabilities of political subdivisions to pay principal and interest, and the credit enhancement agreements with political subdivisions setting forth the terms and conditions under which obligations may be secured under this chapter.