(a) An economic development program may be established only by formal action of the board of directors of a river authority.
(b) The board of directors shall:
(1) establish the goals of the program;
(2) impose requirements on persons participating in or receiving a benefit from the program; and
(3) provide restrictions, procedures, and budget limits the board of directors determines are necessary to ensure that the governmental purposes of this subchapter and the program are achieved.