The authority shall have and exercise and is hereby vested with the power to Control, Store, Preserve and Distribute the water and floodwaters within the area of the authority for the irrigations of arid land, and conservation,
preservation, reclamation, and drainage of the lands within the authority, and is empowered to carry out flood prevention measures to prevent damage to the land and property within the authority, and to reclaim lands, heretofore damaged by reason of the prior failure to provide the facilities authorized to be constructed under the provisions of this act.