LEGISLATIVE INTENT.

It is the intent of the legislature that:

(1) an ad valorem tax imposed by the authority:

(A) enables the authority to accomplish its purposes, including the maximum development of the authority's soil and water resources, it being hereby found and determined that the benefits to be realized from the maximum development can be obtained only through area-wide participation and planning; and

(B) may be used to pay for the operation, repair, or maintenance of any flood control, soil conservation, watershed protection, or erosion structure or work of improvement constructed in cooperation with the federal government, provided that any operation, repair, or maintenance cost shall be paid for out of taxes thus collected in the county in which the particular structure or work of improvement is situated; and

(2) the construction of any dam, reservoir, levee, channel, pipeline, or other major physical work of the authority shall be paid for or financed by revenue bonds of the authority to be redeemed either by the sale of services or by taxes to be imposed by a county or municipality and paid over to the authority as an independent contractor of the county or municipality.