(1) If the city council shall determine after notice and hearing, as provided in § 14-218-106, that the signers of the petition constitute a majority in value of the owners of real property in the district, then the city council shall at once appoint three (3) persons owners of real property therein, who shall compose a board of improvement for the district.
(2) Before entering upon his duties, each member of the board shall take the oath of office required by Arkansas Constitution, Article 19, § 20, and take an oath that he will not either directly or indirectly be interested in any contract made by the board. The oath shall be filed in the office of the city clerk.