A watershed management authority may perform all of the following duties:
1. Assess the flood risks in the watershed.2. Assess the water quality in the watershed.3. Assess options for reducing flood risk and improving water quality in the watershed.4. Monitor federal flood risk planning and activities.5. Educate residents of the watershed area regarding water quality and flood risks.6. Allocate moneys made available to the authority for purposes of water quality and flood mitigation.7. Make and enter into contracts and agreements and execute all instruments necessary or incidental to the performance of the duties of the authority. A watershed management authority shall not acquire property by eminent domain.