Any corporation borrowing money, securing any indebtedness, accepting grants, applying to borrow money, to secure any indebtedness, or to accept grants from the United States of America, or any instrumentality, agency or department thereof, which entitles that corporation to a protected service area under 7 U.S.C., Section 1926(b), and any amendments thereto, must first have established a water district under Title 82 of the Oklahoma Statutes, and any amendment thereto, which district, as established by the Declaration of Incorporation, will define the protected service area.