(a) Any levee district, drainage district, or any levee and drainage district, in this state which has executed or may hereafter execute contracts with the United States of America, the Secretary of the Army, the Chief of Engineers of the United States Army, or any other federal agency may consolidate all duties, obligations, and purposes required to carry out flood control or drainage projects with the duties, obligations, and purposes required of it to carry out the obligations and purposes for which the levee district, drainage district, or levee and drainage district, was originally created, if, by the terms of the contract, the levee district or drainage district, or levee and drainage district, has obligated itself:
(1) To acquire and furnish the lands, rights-of-way, and easements necessary for the construction of any flood control or drainage project by the United States of America within the bounds of the district;
(2) To hold and save the United States of America free from damages due to the construction of any such flood control and drainage works; and
(3) To perpetually maintain and operate the flood control and drainage works after the completion thereof, as provided in subchapter 2 of this chapter, and acts amendatory thereto.
(b) In order to effect the consolidation, the levee district or drainage district, or levee and drainage district, may:
(1) Combine all acts required to operate the projects separately into one (1) operation, may levy and collect one (1) tax for construction, operation, and maintenance of both projects, and may use the funds arising from the tax so levied for the payment of any obligation incurred in the construction, operation, or maintenance of either project;
(2) Cause an assessment of benefits to be made of the benefits arising from the construction, operation, and maintenance of the project for which the district was originally created and those arising from the flood control and drainage project for which the district assumed the sponsorship under the terms of subchapter 2 of this chapter, and acts amendatory thereto.