(A) There is hereby created a body corporate and politic to be known as the "Lake Paul A. Wallace Authority".
(B) The function of the authority is to:
(1) be the body politic and corporate to manage, maintain, and operate the Lake Paul A. Wallace;
(2) ensure that the primary purpose of the lake is for public fishing and recreation in compliance with the federal law under which the lake was established; and
(3) provide that the wildlife habitat remain a protected area as long as this function does not contravene with the provisions contained in item (1) of this subsection.