A water development district may assist, sponsor, or construct a water resources project provided:
(1) Specific areas shall finance those phases of water resources development that provide general benefits to the people in the areas;
(2) Direct beneficiaries shall finance those phases of water resources development that provide water for their use or that protect or enhance the value of their property; and
(3) Administrative jurisdiction and responsibility for the various phases of water resources development are related to the variable degrees of benefits.