There is a Maryland Potomac Water Authority, established as a governmental unit and body politic and corporate, vested with the authority granted under the Constitution and laws of the State. The Maryland Potomac Water Authority has and shall exercise authority to conserve, control, and use for beneficial service storm and floodwaters of the rivers and streams of the Potomac River watershed in the district. The Authority may adopt and use a corporate seal, contract, sue and be sued, and perform any other corporate act to carry out this subtitle.