The flood control assistance account is established at four million dollars at the beginning of each biennium. The following criteria must be used for allocating FCAAP funds:

(1) The amount of FCAAP funding for any project, except emergency projects described in WAC 173-145-100, may not exceed seventy-five percent of the total project cost, including planning and design costs.

(2) The amount of FCAAP funds for cost sharing feasibility studies for new flood control projects shall not exceed fifty percent of the matching funds that are required by the federal government, and shall not exceed twenty-five percent of the total cost of the feasibility study.

(3) The amount of FCAAP funds to prepare a CFCMP may not exceed seventy-five percent of the full planning costs.

(4) The amount of FCAAP funds available for all nonemergency projects and CFCMP's in any county may not exceed five hundred thousand dollars per biennium.

(5) In addition to the limits in subsection (4) of this section, an agency formed under chapter 86.13 RCW must be allowed up to one hundred thousand dollars in FCAAP funds per biennium.

(6) In those areas where a designated CFCMP area extends into two or more jurisdictions, costs for a CFCMP may be shared by the involved local authorities.