Before the board may acquire a facility or interest in a facility, the board shall find affirmatively that:
(1) it is reasonable to expect that the state will recover its investment in the facility;
(2) the cost of the facility exceeds the current financing capabilities of the area involved, and the optimum regional development of the facility cannot be reasonably financed by local interests without state participation;
(3) the public interest will be served by acquisition of the facility; and
(4) the facility to be constructed or reconstructed contemplates the optimum regional development which is reasonably required under all existing circumstances of the site.
Official text of the Texas Water Code as published by the Texas Legislative Council.