With the approval of the Board of Public Works, the Secretary shall adopt regulations that establish application procedures and criteria for the award of financial assistance under this Part II of Subtitle 4. The criteria shall provide the basis for project priority rankings and shall include, as appropriate: The water quality for public health impacts caused by existing circumstances; Previous efforts expended to correct any existing problem; Financial capability of the applicant; The problem prevention aspects of a proposed project; Cost effectiveness of a proposed project; Planning requirements; Provisions for monitoring and review; and Measures to assure accountability for all funds awarded under this subtitle. The Secretary shall establish project priority systems.