The council shall have the following powers and duties:
(1) The power to adopt and promulgate rules and regulations to govern eligible systems and application procedures and requirements for making loans under the Drinking Water State Revolving Fund Act;
(2) The power to adopt an intended use plan which shall include the funding priorities established in subsection (6) of section 71-5302. This intended use plan shall be reviewed annually by the council;
(3) The power to adopt a system of establishing interest rates to be charged on loans. The system may allow discounted interest rates for short-term loans or for serious financial hardship. The following factors shall be considered when making a determination of serious financial hardship: Income level of residents; amount of debt and debt service requirements; and level of user fees both in absolute terms and relative to income of residents;
(4) The power to approve criteria for defining disadvantaged communities;
(5) The power to create an administrative fee to be assessed on a loan for the purpose of administering the Drinking Water State Revolving Fund Act; and
(6) Except as limited by section 71-5318, the power to obligate the Drinking Water Facilities Loan Fund or the Land Acquisition and Source Water Loan Fund and the assets thereof, in whole or in part, to repay with interest loans to or credits into such funds, including bonds, the proceeds of which are credited to such funds.