Before approval of any application for financial assistance under this act, the board shall cause the division of water resources to conduct a feasibility study. Such cost-efficient study shall include all costs of acquisition and construction as well as costs incurred for preliminary planning, engineering, legal, fiscal and economic investigations and studies, surveys, designs, plans, working drawings, specifications, and any other action necessary for the construction or improvement of the proposed water resource. The board may assess reasonable charges to a farmer or rancher for the cost of a feasibility study.