(a) To minimize as far as practicable the drawdown of the water table and the reduction of artesian pressure and to control and prevent subsidence, the board may provide for the spacing of wells in the district and may regulate groundwater withdrawal from wells, taking into consideration:
(1) the economic impact on well owners;
(2) the resulting effect on subsidence; and
(3) other relevant factors.
(b) Before adopting a rule or issuing an order under this section, the board shall set a hearing on the proposed rule or order.

(c) The district may adopt different rules for:
(1) each aquifer, subdivision of an aquifer, or geologic stratum located wholly or partly in the district’s territory; or
(2) each geographic area overlying an aquifer or subdivision of an aquifer located wholly or partly in the district’s territory.