Whenever a beach erosion control project has been authorized by Congress for federal financial participation in accordance with Public Law 727, 79th Congress, 2nd Session, as amended by Public Law 826, 84th Congress, 2nd Session, or as it may be later amended, or any other act of Congress relating to beach erosion control in which local participation is required, it is the policy of the state to consider bearing one-half the costs of local participation required by the authorizing federal legislation, including construction costs and costs of lands, easements, and rights-of-way; provided that state participation may only be provided if any affected city, county, or other public agency furnishes assurances satisfactory to

the division that it will provide all other local cooperation required by the authorizing federal legislation, will hold and save the state free from damages for all time due to the construction, operation, and maintenance of the project, and will maintain and operate the project during its useful life, as may be required to serve its intended purpose, subject to relevant regulations that may be prescribed by the division.