(1) There is hereby created the Chickasaw basin authority, as a public body corporate, politic and perpetual, which is referred to as the “authority” in this part.
(2) The authority is created to implement the project as presently planned and as may be modeled by future studies.
(3) The authority shall not exercise any broad governmental controls or police powers to regulate land use planning, zoning, subdivision regulations, building codes and similar powers to regulate land use.