Subject to the approval of the board of supervisors, the board of directors of a watershed conservancy district shall have power to:
(1) Levy an annual tax on the real property within the district within the limitations provided in KRS 262.760 for administration, construction, operation and maintenance of works of improvement within the district.
(2) Acquire by purchase, gift, grant, bequest, devise, or through condemnation proceedings in the manner provided in the Eminent Domain Act of Kentucky, the fee simple title or any lesser interest in land including easements and flowage rights as are necessary for the exercise of any authorized function of the district, and for such purpose, may cause examinations and surveys to be made of any lands, easements or rights-of-way necessary for the performance of any authorized function of the district.
(3) Construct, improve, operate and maintain such structures as may be necessary for the performance of any function authorized by KRS 262.700 to 262.795.
(4) Borrow such money as is necessary for the purpose of acquiring lands or rights-of- way and establishing, constructing, reconstructing, repairing, enlarging and maintaining such structures and improvements as are required by the district in the performance of its functions, and issue, negotiate and sell its bonds as provided in KRS 262.750.