The board of directors of any master conservancy district formed under the provisions of this act¹ may determine, by resolution, the necessity and amount of assessments and the respective portions thereof to be paid by the component areas of said district, based upon the relative benefits anticipated for said component areas, and may be adjusted by said board, from time to time, as necessary to insure equitable allocation thereof. Funds secured in the manner herein provided shall be used to defray the expenses of initial organization, conducting project studies, investigations and payment of other expenses necessary to accomplish the objectives and purposes of the district. Such component areas through their governing bodies are hereby authorized to make the necessary contributions for defraying the expenses set forth above.