(a) Whenever any levee or drainage district is or has been organized under appropriate statutes of this state providing for the levee or drainage district, which levee or drainage district embraces within its boundaries any highway or highways that are a part of the state highway system, and if it is contended that such levee or drainage district, when completed, will contribute materially to the protection of such state highways from floods and other similar elements, such levee or drainage district may file its petition before the claims commission setting forth the fact that such state highways have been benefited thereby, the amount of the benefits claimed and praying for compensation for such benefits.

(b) Upon the filing of the petition, the claims commission shall hold a hearing on the petition, at which evidence may be introduced with reference to the benefits or lack of benefits to the highway by the creation and completion of the district.

(c) If the claims commission is of the opinion, after the hearing, that the creation and completion of the district will result or has resulted in material benefit and protection to the highway or highways, then and in that event the claims commission is expressly authorized and empowered to direct payment from the general highway funds toward the creation of the district, such amount as it may find to fairly represent the benefits accruing to the highways and occasioned by the creation and completion of the district; provided, that the actual payment of the sums found to fairly represent such benefits may, at its option, be postponed by the claims commission until there has been a substantial completion of such district; and provided further, that this section does not apply to levee or drainage districts organized more than five (5) years prior to February 13, 1941.