South Indian River Water Control District, Palm Beach County; Increases number of members of governing board; including fractions of acres in all gross acreage owned by landowner; provides for compensation for supervisors attending board meetings; requires competitive bidding for certain positions; revises residence requirements for members of board; provides for staggering of terms, annual elections, & election of board officers; requires election; removes outdated language; requires board to authorize formation of engineering plan; provides limitation of one-time special assessment; authorizes district money to be expended before levy of such special assessment.