This part implements Arkansas Code § 4-35-101 et seq., and § 4-35-201 et seq., by establishing a procedure by which two (2) or more persons or a qualified corporation may form or convert to a water authority for one (1) or more of these allowed purposes:

1. (1) To sell, transmit, and distribute potable water to members of the public and others; or

2. (2) To collect, remove, reduce, treat, purify, dispose, and handle:

   1. (A) Liquid and solid waste;
   2. (B) Sewage;
   3. (C) Industrial waste; and
   4. (D) Refuse.