In order to ensure adequate, long-term, reliable public water supply, treatment, and transmission facilities, there is hereby established a “Multipurpose Water Resource Program”. The program shall be administered by the department of natural resources. The state may participate with a sponsor in the development, construction or renovation of a water resource project if the sponsor has a plan which has been submitted to and approved by the director. Prior to approval, such plan shall include a schedule, proposed by the sponsor, to remit contributions back to the fund created under section 256.438. Any money received by the department of natural resources as a result of its participation with any such sponsor shall be deposited in the multipurpose water resource program fund created under section 256.438.