Water management authority.

Provides that, upon adoption of the statewide water management plan, the administrator assumes powers and duties related to: (1) water rights and emergency regulation of surface and ground water; (2) potable water rights; (3) water resources management; (4) the Great Lakes compact; (5) reservoirs; (6) preservation and legal action concerning lakes; (7) flood control; (8) construction of channels; and (9) conservancy districts. Establishes one regional water management council for each of nine hydrological regions in Indiana. Provides for the designation of a drainage project as a "drainage project of water management importance" if it meets certain conditions, and provides that a permit from the administrator is required for such a project. Requires an agency that constructs and repairs highways to consult with the administrator to limit sedimentation.