(1) Before the lake authority may use authority funds to implement the management plan, the authority board shall prepare and adopt a project area budget.
(2) The lake authority board may amend an adopted project area budget as and when the lake authority board considers an amendment appropriate.
(3) If the lake authority adopts a budget under Part 6, Lake Authority Budget, Reporting, and Audits, that also meets the requirements of this part, the lake authority need not separately adopt a budget under this part.