(1) Any drainage district embracing less than 1,000 acres may:
(a) Within and adjacent to the district, own, construct, install, contract to use and to receive service from, and buy and sell, wells, reservoirs, pumps, pipelines and other equipment used to supply water from wells for domestic purposes and for watering lawns and gardens.
(b) Buy and sell, deliver, supply and dispose of water for domestic purposes and for watering lawns and gardens, for profit, to any person within the limits of such drainage district or adjacent thereto.
(c) Fix and collect the rates and charges therefor.
(2) The board of supervisors may act for such district in exercising the power and authority herein provided.