(a) In keeping with the purposes of the Water Resources Development General Obligation Bond Program described in the introduction, financial assistance may be obtained for any project within the state in whole or part where benefits of the project may be expected to accrue to the inhabitants and residents of the state, which project qualifies as any undertaking or work to conserve and develop surface or subsurface water resources or to control or develop water treatment facilities of the state for domestic, agricultural, industrial, or other essential purposes by the acquisition, improvement, extension, or construction of dams, reservoirs, and other water storage projects, including but not limited to:

1. (1) Underground storage projects and filtration and water treatment plants, including any system necessary to distribute water from storage or filtration plants to points of distribution or from storage to filtration and treatment plants;
2. (2) Facilities for distributing water therefrom to wholesale or retail purchasers; and
3. (3) Any system necessary to improve, develop, or extend water storage, treatment, or distribution capabilities of any area of the state.

(b) Such qualified projects are additionally understood to include financial assistance to:

1. (1) Acquire and own the lands required for the project;
2. (2) Obtain the water supply; and
3. (3) Construct appropriate treatment facilities.