(1) The Kentucky Infrastructure Authority is created solely to perform essential governmental functions and to serve the public purpose of engaging in a program of assistance to governmental agencies in the state with respect to the:
(a) Construction, acquisition, and maintenance of infrastructure projects; and (b) Technical, managerial, and operational capacity of the agency's public drinking water and wastewater systems.
(2) In accomplishing these purposes, the Kentucky Infrastructure Authority shall be and constitute a de jure municipal corporation and political subdivision of the state.