(5) have the power, within rules established by the Board of Water Resources, to:
(a) make studies, investigations, and plans for the full development and utilization and promotion of the water and power resources of the state, including preliminary surveys, stream gauging, examinations, tests, and other estimates either separately or in consultation with federal, state, and other agencies;
(b) initiate and conduct water resource investigations, surveys and studies, prepare plans and estimates, make reports thereon, and perform necessary work to develop an over-all state water plan;
(c) file applications in the name of the division for the appropriation of water;
(d) take all action necessary to acquire or perfect water rights for projects sponsored by the board; and
(e) accept, execute, and deliver deeds and all other conveyances.