Sec. 26. A political subdivision in a participating county may under IC 36-1-7 enter into a cooperative agreement with the commission and at least one (1) other legal entity to authorize the commission to:
(1) develop a plan to improve water quality or mitigate flooding in the part of the basin that is described in the cooperative agreement;
(2) exercise any of the other powers of the political subdivision to regulate watercourses in the basin; or
(3) develop and promote good soil and water conservation practices and procedures.