In order to carry out the powers granted to municipalities by the provisions of § 9-36-15, the governing body of a municipality may request that all or any portion of the corporate area of a municipality be included in a watershed district if, in the determination of the governing body, inclusion in a new or existing watershed district offers opportunities favorable to the municipality:
(1) For alleviation of flood water damages to roads, streets, waterworks, sewer works, river and stream improvements, public or private property, or other improvements within the municipality; or
(2) In lieu of or betterment of or supplementary to improvements by the municipality as may be under consideration by the governing body; or
(3) To take advantage of federal or other loans, as provided by § 9-43-137, or federal or other grants of funds or service; or
(4) To reduce capital investments or other obligations by the municipality which may be otherwise probable; or
(5) For betterment of the health, safety, or general welfare of the residents of the municipality.