The authority may:
(1) control, store, preserve, and distribute the water and floodwater in the authority for the irrigation of arid land, conservation, preservation, reclamation, and drainage of the lands in the authority;
(2) carry out flood prevention measures to prevent damage to the land and other property in the authority; and
(3) reclaim lands heretofore damaged because of the prior failure to provide the facilities authorized to be constructed under this chapter.