Approval of letter; right to prepare and file application.

If the Board makes the determinations set forth in NAC 349.240 and finds that the proposed water project satisfies the general policies in NAC 349.200 and at least one of the priorities set forth in NAC 349.210 , the Board shall approve the letter of intent, and the applicant or obligor may then prepare and file an application pursuant to NAC 349.275 .