There is created and established the Red River Commission with the following powers, duties, and responsibilities:
(1) To cooperate with the appropriate state and federal agencies for the study and planning of needed improvements to and along the main stem of the Red River in Little River, Hempstead, Miller, and Lafayette Counties, Arkansas;
(2) To review, study, and examine any plan by the State of Arkansas or the federal government, or any agency thereof, for the improvement of the main stem of the Red River in Arkansas and to ascertain the nature and purpose of the improvement, the benefits to be expected therefrom, and the necessity, feasibility, and estimated cost thereof;
(3) To determine the local, nonfederal costs necessary for the construction, operation, and maintenance of any Red River improvement project along and upon the main stem thereof;
(4) To delineate the area to be benefited by improvement of the main stem of the Red River.