Sec. 5. (a) A district electing to come under this chapter is considered, with regard to activities relating to furnishing water supply for domestic, industrial, and public use, to be a legal entity for the following purposes:
(1) Contracting with individuals, associations, corporations, municipal corporations, conservancy districts, the state, and the United States for the acquisition of property.
(2) The borrowing of money, including security for indebtedness so incurred.
(3) The purchase and sale of water.
(b) A district:
(1) may sue and be sued for the purposes described in subsection (a); and
(2) has the rights and powers granted by this article to the extent consistent with this chapter.