Sec. 5. (a) As used in this chapter, "utility owner" refers to a utility that:
(1) owns at least twenty-five percent (25%) of the surface of the reservoir located within the boundaries of a reservoir conservancy district; and
(2) is governed by a board of directors for utilities under IC 8-1-11.1-3.
(b) For purposes of this chapter, the utility owner of the reservoir located within the boundaries of a reservoir conservancy district is the utility owner that owns at least twenty-five percent (25%) of the surface of the reservoir located within the boundaries of the reservoir conservancy district.