(a) The district has the:
(1) rights, powers, functions, and privileges provided to a conservation and reclamation district by the Texas Constitution and general law;
(2) rights, powers, privileges, and duties provided to a drainage district created under Section 59, Article XVI, Texas Constitution, and organized under general law, including Chapters 49 and 56, Water Code; and
(3) powers of government and the authority to exercise the rights, privileges, and functions conferred by this chapter.
(b) The district has the right and power of a drainage district organized under Chapter 56, Water Code, to impose taxes and issue bonds.