(1) In making a declaration under section 203(1) , an Authority may adopt a flood level, a flood fringe area or a building line which, in its opinion, is the best estimate, based on the available evidence, of a flood event which has a probability of occurrence of 1 per cent in any one year.
(2) Despite any other provision, an Authority may designate a flood level that allows a risk of flooding to exist in the use of lands.