A district which is converted into a district operating under this chapter shall:
(1) be constituted a municipal utility district operating under and governed by this chapter;
(2) be a conservation and reclamation district under the provisions of Article XVI, Section 59, of the Texas Constitution; and
(3) have and may exercise all the powers, authority, functions, duties, and privileges provided in this chapter in the same manner and to the same extent as if the district had been created under this chapter.