Section 7. The board is authorized and directed to take all necessary or incidental actions to secure for the commonwealth the benefits of Title VI of the Clean Water Act, including exercise of the powers:

(i) to cooperate with appropriate federal agencies in all matters related to the administration of the state revolving loan fund as contemplated by Title VI of the Clean Water Act;

(ii) to prepare in cooperation with the department and submit to the appropriate federal agencies applications for capitalization grants under Title VI of the Clean Water Act and to enter into capitalization grant agreements, operating agreements and other agreements with the United States and the department relating to the purposes of the fund;

(iii) to cooperate with the department in preparing and submitting to the appropriate federal agencies intended use plans identifying the use of capitalization grant awards and other monies in the fund;

(iv) to prepare in cooperation with the department and submit to the appropriate federal agencies, the governor, the department and the clerks of the senate and the house, annual and other reports and audits, in form and content satisfying legal requirements under Title VI of the Clean Water Act, of activities of the board pertaining to the fund;

(v) to establish and collect such fees, charges and interest rates as the board shall determine to be reasonable and to hold, apply and disburse such monies within or without the fund to the implementation of the purposes of this chapter;

(vi) to establish, jointly with the state treasurer, fiscal controls and accounting procedures for the fund and the trust; and

(vii) to adopt after consultation with the department regulations, procedures and guidelines for administration of its loan programs and for maintenance of suitable accounting procedures by local government units for loan proceeds and projects. Such regulations, procedures and guidelines shall be consistent with requirements of Title VI of the Clean Water Act and all applicable rules, regulations, procedures and guidelines of the department, and may determine, without limitation, the form and content of loan applications, loan agreements and local government obligations.