(b) The board of directors may:

(1) hire employees;

(2) buy, hire, or rent machines, and buy explosives and other materials;

(3) award contracts;

(4) enter into an agreement with county, State, or federal units of government;

(5) acquire and hold water rights;

(6) plan and carry out watershed projects for storage, use, and distribution of water;

(7) charge for the use of water in the watershed, using the proceeds from the sale of the water to pay for water rights or to construct, maintain, repair, improve, and operate the watershed project; and

(8) do other acts as necessary, including borrowing money, in the name of the board of directors, if the borrowing is approved by the county commissioners, county council, or Mayor and City Council of Baltimore City.

(c) The board of directors shall:

(1) keep a regular account of its income and expenses; and

(2) report its income and expenses at the annual meetings of the watershed association and other meetings of the landowners.