There is created and established the Ouachita River Commission with the following powers, duties, and responsibilities:
(1) To cooperate with the appropriate state and federal agencies for the study, planning, and implementation of needed improvements or projects, or both, to and along the main stem of the Ouachita River in Dallas County, Hot Spring County, Clark County, Ouachita County, Calhoun County, Union County, Bradley County, and Ashley County;
(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 Ouachita 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 Ouachita River improvement project, including, but not limited to, port and terminal facilities along and upon the main stem thereof;
(4) To delineate the area to be benefited by improvement of the main stem of the Ouachita River; and
(5) To receive and use any federal, state, or private funds, donations, or grants made available for promotion or enhancement of the recreational benefits of the Ouachita River in Dallas County, Hot Spring County, Clark County, Ouachita County, Calhoun County, Union County, Bradley County, and Ashley County.