(1) If a municipality states its intent by resolution or ordinance to annex a specifically defined territory or portion of the territory over which it is exercising territorial jurisdiction under § 14-56-413, the municipality shall initiate annexation proceedings within five (5) years of the stated intent.
(2) During the five (5) years under subsection (a) of this section, the municipality may continue to exercise its territorial jurisdiction under § 14-56-413, including the defined territory specified within its intent to annex.
(3) If the municipality does not initiate annexation proceedings of the territory specified within its intent to annex within five (5) years of the effective date of the resolution or ordinance under subsection (a) of this section, the municipality is prohibited from again exercising territorial jurisdiction over the territory specified within its intent to annex for the next five (5) years.