(a) It is found and declared as a matter of legislative determination that the construction of levees, levee foundations, channel rectifications, floodways, reservoirs, spillways, diversions, drainage canals, or other flood control or drainage works by any levee district, drainage district, or levee and drainage district, or by the United States of America, and the perpetual operation and maintenance of the work by the district will be conducive to the public welfare and will result in great betterment and increase in value of lands, town lots, suburban lots, rural lots, industrial tracts, blocks, railroads, tramroads, telegraph, telephone, and electric power lines and underground cables, pipelines, and all other real property and interests in real property situate within the boundaries of the district wherein the levee and other flood control and drainage works may be constructed by the levee district or drainage district, or levee and drainage district, or by the United States of America and operated and maintained by that district.
(b) For the purpose of this subchapter, the amount of the increased value or betterment to the lands, town lots, suburban lots, rural lots, industrial tracts, blocks, railroads, tramroads, telegraph, telephone, and electric power lines and underground cables, pipelines, and all other real property and interests in real property, within the boundaries of the district, which are estimated to accrue thereto by reason of the construction of levee and other flood control and drainage works and the perpetual operation and maintenance thereof, shall be ascertained and definitely determined and fixed in the manner provided in §§ 14-120-313 and 14-120-314.