The board may acquire all or part of any authorized facility to the extent that the board finds that the political subdivision:
(1) is willing and reasonably able to finance that portion of the cost of the facility that the board does not acquire;
(2) has obtained all necessary permits;
(3) has proposals that are consistent with the objectives of the state water plan; and
(4) has complied with water conservation plan requirements as required by Section 16.4021.