1. (a) A watershed development commission may:

   1. (1) acquire and dispose of real or personal property by grant, gift, purchase, lease, devise, or otherwise;
   2. (2) hold, use, improve, maintain, operate, own, manage, or lease as lessor or lessee real or personal property or any interest in that property;
   3. (3) acquire by grant, gift, purchase, or devise an improvement within a five hundred (500) year flood plain, also known as a two-tenths of one percent (0.2%) annual chance of occurrence flood plain, in the commission's designated watershed for the purpose of removal of those improvements; and

   4. (4) adopt rules under IC 4-22-2 that restrict construction within a one hundred (100) year flood plain, also known as a one percent (1%) annual chance of occurrence flood plain, in the commission's designated watershed;

      for the purposes set forth in this chapter.

2. (b) A watershed development commission may exercise the powers granted by this section as follows:

   1. (1) For the development of the water resources of the commission's designated watershed.
   2. (2) For the purposes of IC 32-23-5 .

   3. (3) To contribute to the following:

      1. (A) Flood control or mitigation.
      2. (B) Flood damage reduction.
      3. (C) Water quality.
      4. (D) Soil conservation.

As added by P.L.104-2025, SEC.5.