The district has:(1) all powers necessary to accomplish the purposes for which the district was created;(2) the rights, powers, privileges, authority, and functions of a district created under Chapter 375, Local Government Code;(3) the powers, duties, and contracting authority specified by Subchapters H and I, Chapter 49, Water Code;(4) the powers given to a corporation under Chapter 505, Local Government Code, including the power to own, operate, acquire, construct, lease, improve, and maintain the projects described by that chapter; and(5) the powers of a housing finance corporation created under Chapter 394, Local Government Code. Added by Acts 2005, 79th Leg., Ch. 768 (H.B. 3517), Sec. 1, eff. June 17, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.64, eff. April 1, 2009.