Sec. 7. (a) A watershed development commission may:
(1) acquire and dispose of real or personal property by grant, gift, purchase, lease, devise, or otherwise;
(2) hold, use, improve, maintain, operate, own, manage, or lease as lessor or lessee real or personal property or any interest in that property;
(3) acquire by grant, gift, purchase, or devise an improvement within a five hundred (500) year flood plain, also known as a two-tenths of one percent (0.2%) annual chance of occurrence flood plain, in the commission's designated watershed for the purpose of removal of those improvements; and
(4) adopt rules under IC 4-22-2 that restrict construction within a one hundred (100) year flood plain, also known as a one percent (1%) annual chance of occurrence flood plain, in the commission's designated watershed;
for the purposes set forth in this chapter.
(b) A watershed development commission may exercise the powers granted by this section as follows:
(1) For the development of the water resources of the commission's designated watershed.
(2) For the purposes of IC 32-23-5.
(3) To contribute to the following:
(A) Flood control or mitigation.
(B) Flood damage reduction.
(C) Water quality.
(D) Soil conservation.