The Commission is authorized to take all action necessary to insure Oklahoma's participation in the Abandoned Mine Reclamation Fund established by the federal act, and to function as the state's agency for participation. Pursuant to the federal act, the Commission shall by rule establish priorities that meet the terms of the federal act for the expenditure of those funds, designate the land and water eligible for reclamation or abatement expenditures and submit reclamation plans, annual projects and applications to the appropriate authorities pursuant to the terms of the federal act. It shall administer all monies received for abandoned mine reclamation or related purposes, which expenditure constitutes a public benefit.